The performance of the Nigerian Equity Market returned bullish last week with the index (NSE ASI) up by 0.23% WTD to close at an index level of 32,200.21 and Market capitalization of N11.76 trillion.

The sectoral performance was negative as bearish sentiments were witnessed in all sectors with the exception of the Consumer Goods and Oil & Gas Sectors up by 1.65% and 1.27% WTD respectively. However, the Industrial Goods sector recorded the highest decrease amongst NSE indices with the NSE Industrial index down by 3.81% WTD, owing to significant price depreciation in WAPCO (-14.29%) and CCNN (-11.60%).

The market activities were characterised by bargain hunting on 2 out of 5 trading sessions due to increased demand sentiment on some high cap stocks in the Oil & Gas and Consumer Goods Sector.

In the global space, all selected equities markets except China CSI 300 continued its bullish trend as Fed left the key interest rate unchanged and as US mid term election results removes some global markets uncertainty during the week.

Stock Watch

Over the last five trading sessions:
SEPLAT (Seplat Petroleum Dev. Company) rose by 6.96% to
close at N668.50.
Recommendation: We maintain a hold rating on this stock.
FBNH (First Bank of Nigeria Holdings) fell by 2.61% to close at
N7.45.
Recommendation: We maintain a buy rating on this stock.
GUARANTY (Guaranty Trust Bank) fell by 0.93% to close at
N37.15.
Recommendation: We maintain a buy rating on this stock.
ZENITHBNK (Zenith Bank) rose by 3.61% to close at N24.40.
Recommendation: We maintain a buy rating on this stock.

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