The performance of the Nigerian Equity Market remained bearish last week with the index (NSE ASI) down by 0.63%WTD to close at an index level of 30,672.79 and Market capitalization of N11.20 trillion.
The Market sentiment was positive as bargain hunting was witnessed on Banking, Insurance and Industrial Goods counters although heavily weighed down by sell-offs on some high cap
stocks in the Oil & Gas and Consumer Goods such as MOBIL (-10.41%), CONOIL (-10.00%) and NESTLE (-6.81%).
Market activities were characterised by profit taking on 3 out of 5 trading sessions with market participation relatively active during the week as both volume and values traded rose by 5.60% and 31.90% respectively.
In the global space, the equities markets witnessed mixed reaction with the US and China Indices finishing lower for the week while other selected markets closed the week in the green territory.
Factors that shaped market activities during the week included: a) Uncertainty about Fed rate ahead of the committee meeting to hold this week (Dec 19) b) Trade tension between US, Mexico and Canada as US-China trade tension seem to have reduced.
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Over the last five trading sessions:
DANGSUGAR (Dangote Sugar Refinery) fell by 1.48% to
close at N13.30. Recommendation: We maintain a buy
rating on this stock.
UBA (United Bank of Africa) rose by 0.67% to close at
N7.55. Recommendation: We maintain a buy rating on this
HONYFLOUR (Honey Well Flour Mill) fell by 3.48% to close
at N1.11. Recommendation: We maintain a buy rating on
ZENITHBNK (Zenith Bank) fell by 2.34% to close at
N23.00. Recommendation: We maintain a buy rating on