The performance of the Nigerian Equity Market remained bullish last week with the index (NSE ASI) up by 0.20% WTD to close at an index level of 32,907.33 and Market capitalization of ₦12.01 trillion.
The sectoral performance was positive as bullish sentiments were witnessed in all sectors with the exception of the Consumer Goods and Industrial Goods index down by 0.97% and 4.06% WTD respectively. However, the Oil & Gas sector recorded the highest increase amongst NSE indices with the NSE Oil & Gas Index up by 4.12% WTD, owing to significant price appreciation in TOTAL (+8.20%).
The market activities were characterised by bargain hunting on 4 out of 5 trading sessions due to increased demand sentiment on some stocks in the Oil & Gas Sector and DANGCEM.
In the global space, selected equities markets traded on a bearish note except the Chinese CSI 300 that closed the week with a gain of 1.23%, as investors focused on rising interest rate, slow growth in the global economies and as some companies such as Amazon and Alphabet that released an unimpressive quarterly report during the week.
Stock Watch
Over the last five trading sessions:
SEPLAT (Seplat Petroleum Dev. Company) rose by 2.37% to
close at ₦644.90.
Recommendation: We maintain a hold rating on this stock.
FBNH (First Bank of Nigeria Holdings) fell by 1.10% to close at
₦9.00.
Recommendation: We maintain a buy rating on this stock.
GUARANTY (Guaranty Trust Bank) rose by 1.37% to close at
₦37.00.
Recommendation: We maintain a buy rating on this stock.
ZENITHBNK (Zenith Bank) rose by 4.80% to close at ₦24.00.
Recommendation: We maintain a buy rating on this stock.