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Market/economic insight: the weekly brief (11th– 15th March, 2019)

Op-Ed Contributor by Op-Ed Contributor
March 18, 2019
in Business News, Macros, Markets
Market/Economic Insight: The weekly brief ( September 3rd  – 7th 2018)
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The performance of the Nigerian Equity Market returned bearish last week with the index (NSE ASI) down by WTD to close at 2.45% an index level of 31,142.72 and Market capitalization of N11.61 trillion.

The sectoral performance was negative as bearish sentiments were witnessed in all sectors with the exception of Oil & Gas sector which rose by The Banking sector recorded the highest 0.09%. decline, with its Index down by owing to price depreciation 6.13% in ZENITHBANK ( ) and WEMABANK( ). -11.82% -10.47%.

Despite the release of positive audited financial reports for FY 2018 and dividend announcement by some companies, the market lost over N291.54 billion last week. We expect the market to continue on a bearish note this week as investors sentiment remains low.

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In the global space, despite the uncertainties that hampered the market during the week due to extension of Brexit deadline and shift in the meeting date between U.S.A. and China, most selected markets finished the week in the green. The rally in the US market was due to advances in Tech stocks after a strong earnings report from Broadcom. Other factors included: fall in 10 year Treasury yield below 2.6% and Chinese government decision to cut Value Added Taxes.

Top Stock Watch for the week: 18 – 22 March 2019

Over the last five trading sessions:

UBA fell by 2.61% to close at N7.45. Recommendation: We maintain a buy rating on this stock.

SEPLAT remained unchanged to close at N596.90. Recommendation: We maintain a hold rating on this stock.

ZENITHBNK fell by 11.82% to close at N22.00. Recommendation: We maintain a buy rating on this stock.

GUARANTY fell by 5.09% to close at N35.40. Recommendation: We maintain a buy rating on this stock

________________________________________________________________________

Contact Anchoria Asset Management Limited for more information

Email: research@anchoriaam.com

www.anchoriaam.com


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Tags: All Share IndexNigeria's market and economic insight
Op-Ed Contributor

Op-Ed Contributor

Nairametrics frequently publishes articles from experts such as financial analysts, economists, researchers and investors. We also feature articles from guest writers and bloggers who wish to push their views and opinions through our platform. To get your articles on Nairametrics, kindly send an email to info@nairametrics.com and we will publish it within 24 hours of approval by our editorial team.

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