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.
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