The performance of the Nigerian Equity Market remained bullish last week with the index (NSE ASI) up by 1.19% WTD to close at an index level of 32,841.98 and Market capitalization of ₦11.99trillion.

The sectoral performance was negative as bearish sentiments were witnessed in all sectors with the exception of the Banking and Insurance Sector index up by 1.04% and 1.97% WTD respectively. However, the Oil & Gas sector recorded the highest decrease amongst NSE indices with the NSE Oil & Gas Index down by 0.87% WTD, owing to significant price depreciation in SEPLAT (-2.38%).

The market activities were characterised by bargain hunting on 3 out of 5 trading sessions as investors sought short term gains while some bullish sentiments persisted on the banking stocks as companies released Q3 financials.

In the global space, selected equities markets traded on a mixed note despite some strong corporate earnings released during the week and as yield on 10-year treasury notes rose to 3.196%. Also, weak housing report released during the week shaped some investor sentiments. The US Dow Jones was up by 0.41% while Chinese CSI 300 down by 1.13%.

Stock Watch

Over the last five trading sessions:

SEPLAT (Seplat Petroleum Dev. Company) fell by 2.38% to close at ₦630.00.
Recommendation: We maintain a hold rating on this stock.

FBNH (First Bank of Nigeria Holdings) remained unchanged to close at ₦9.10.
Recommendation: We maintain a buy rating on this stock.

GUARANTY (Guaranty Trust Bank) rose by 0.82% to close at ₦36.50. Recommendation: We maintain a buy rating on this stock.

ZENITHBNK (Zenith Bank) rose by 3.15% to close at ₦22.90.
Recommendation: We maintain a buy rating on this stock.


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