The performance of the Nigerian Equity Market returned bearish last week with the index (NSE ASI) down by 1.17% WTD to close at an index level of 32,383.15 and Market capitalization of N11.82 trillion.
The sectoral performance was negative as bearish sentiments were witnessed in all sectors with the exception of the Oil & Gas Sector with the NSE Oil & Gas Index up by 1.13%. However, the Insurance sector recorded the highest decrease amongst NSE indices with the NSE Insurance Index down by 1.01% WTD, owing to significant price depreciation in NIGERINS (-18.92%) and LAWUNION (-15.38%).
The market activities were characterised by profit taking on 4 out of 4 trading sessions last week bringing the WTD to close in the red after 2 consecutive weeks of positive growth.
In the global space, selected equities markets traded on a bearish note following the Federal Reserve rate hike for the for the third time this year; increasing Oil price and as 10-year note yield rose to 3.24% and hitting the highest rate since 2011 while the two-year note yield advanced to 2.897%.
There was no activities in the Chinese market last week as the country observed its golden week holiday.
Stock Watch
Over the last five trading sessions:
SEPLAT (Seplat Petroleum Dev. Company) remained
unchanged to close at N630.00.
Recommendation: We maintain a hold rating on this stock.
FBNH (First Bank of Nigeria Holdings) remained
unchanged to close at N8.90.
Recommendation: We maintain a buy rating on this stock.
GUARANTY (Guaranty Trust Bank) fell by 0.41% to close at
N36.40.
Recommendation: We maintain a buy rating on
this stock.
ZENITHBNK (Zenith Bank) rose by 0.23% to close at 21.55.
Recommendation: We maintain a buy rating on this stock.
Contact Anchoria Asset Management Limited for more information
Email: research@anchoriaam.com
www.anchoriaam.com
