The performance of the Nigerian Equity Market remained bearish last week with the index (NSE ASI) trending downward by 1.27% WTD to close at an index level of 30,046.70 and Market capitalization of N13.23 trillion. This represents 4 weeks low.
The Sectoral Performance was mixed with profit-taking seen on the Consumer Goods and Industrial Goods Index while bargain hunting was seen on other sectoral indexes. The industrial Goods index recorded the highest decline, down by y 4.15% owing to significant price depreciation in 4.15% CCNN (-10.00% ) and DANGCEM (-2.65% ). -10.00% -2.65%
During the week, there was an inauguration of both legislative chambers as leaders of these chambers were elected and as the country celebrated its democracy. This failed to restore positive sentiment in the market as market breadth remained low at 0.56 times (18 Advances and 32 Declines).
In the global space, all selected markets closed on a bullish note as investors became less fixated on the ongoing trade tension and continued to access the likelihood of rate drop by the Federal Reserve coupled by an increase in job statistics
Top Stock Watch for the week: 17 – 21 June 2019
Over the last five trading sessions:
SEPLAT remained unchanged to close at N513.40 with a YTD price return of -19.73%. Recommendation: We maintain a hold rating on this stock.
ZENITHBNK fell by 1.72% to close at N20.00 with a YTD price return of -13.23%. Recommendation: We maintain a buy rating on this stock.
GUARANTY rose by 1.97% to close at N31.00 with a YTD price return of -10.01%. Recommendation: We maintain a buy rating on this stock.
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