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Home Business News

Market/economic insight: the weekly brief (18th– 22nd March, 2019)

Op-Ed Contributor by Op-Ed Contributor
March 25, 2019
in Business News, Macros, Markets, Securities
Nigerian Equity Market

Market insight

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The performance of the Nigerian Equity Market remained largely bearish last week until Friday when a rebound was witnessed in the market.

The NSE All Share Index (NSE ASI) was down marginally by 0.01% WTD to close at an index level of 31,139.35 and Market
capitalization of N11.61 trillion.

The sectoral performance was mixed with bullish sentiments witnessed in the Banking and Industrial Goods Sector, which rose by 3.82% and 2.42% respectively.

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The Oil & Gas sector recorded the highest decline, with its Index down by 3.95% owing to significant price depreciation in SEPLAT (-7.86%). ACCESS emerged top gainer last week following the Court Sanction of the Merger Scheme between the bank and Diamond Bank Plc.

The Diamond Bank stock was also fully suspended. Despite some good earnings released during week, the market sentiment remained bearish. We expect the bearish sentiment to continue as investors’ appetite remain high on fixed income instruments.

In the global space, most selected markets closed the week on a bearish note as investors focused on global economic growth, following the Fed Reserve’s cautious outlook during the week. Other factors that shaped the week’s trading activities included: Released of PMI surveys that showed that conditions have weakened across major economies such as Germany and France.

Top Stock Watch for the week: 25 – 29 March 2019

Over the last five trading sessions:

UBA rose by 4.70% to close at N7.80.

Recommendation: We maintain a buy rating on this stock.

SEPLAT fell by 7.86% to close at N550.00.
Recommendation: We maintain a hold rating on this stock.

ZENITHBNK rose by 0.23% to close at N22.05.
Recommendation: We maintain a buy rating on this stock.

GUARANTY rose by 5.93% to close at N37.50.
Recommendation: We maintain a buy rating on this stock.

________________________________________________________________________

CONTACTS
Anchoria Asset Management Limited
5th Floor, Elephant House
214, Broad Street
Marina
Lagos


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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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