sound, C & I Leasing Plc, NSE launches factbook, Top 10 stockbroking firms
Nigerian Stock Exchange
The performance of the Nigerian Equity Market remained bearish last week with the index (NSE ASI) trending downward by WTD to close at an index level of 1.78% 29,212.00 and Market capitalization of N10.98 trillion.
The Market sentiment was mixed, as profit-taking was seen on the first two trading days while the last 2 trading days witnessed bargain hunting.
All sectors closed negative with the exception of two sectors: Oil/Gas and Insurance Index rose by and respectively. The industrial Goods 0.02% 1.30% Sector recorded the highest decline, down by wing to 4.16% price depreciation in DANGCEM (-3.69%) This continuous bearish move in the Nigerian Equity Market could be attributed to negative earnings reports released by some companies during the week. DANGCEM’s Q1 profit was down by 16% YoY.
In the global space, selected markets traded on a mixed note as US market closed in the green following release of strong job report. US added 26 3,000 new jobs in April while the unemployment rate fell to 3.60%, lowest since December 1969. In the week ahead, investors are expected to trade cautiously on the news that Donald Trump vows to hike US. tariffs on $200 billion worth of Chinese goods this week.
Top Stock Watch for the week:06-10 May 2019.
Over the last five trading sessions:
UBA fell by 2.19% to close at N6.70.
Recommendation:
We maintain a buy rating on this stock.
ZENITHBANK fell by 1.64% to close at N21.00.
Recommendation:
We maintain a buy rating on this stock.
GUARANTY fell by 2.19% to close at N33.45.
Recommendation:
We maintain a buy rating on this stock.

 

Contact Anchoria Asset Management Limited for more information

Email: research@anchoriaam.com

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.