Last week, investors in the Nigerian equity market sustained previous week positive sentiment as investors’ wealth rose by ₦533 billion following the gradual reopening of the economy after five weeks of the complete lockdown of Lagos, Ogun, and the FCT by the federal government to check community spread of the Covid-19 pandemic.
Consequently, the All-Share Index (ASI) increased by 1,024.39 absolute points, representing a 4.45% growth to close at 24,045.40 points. Similarly, the Market Capitalization gained ₦533.86 billion, representing a 4.45% increase to close at ₦12.53 trillion.
The upturn was impacted by gains recorded in medium and large capitalized stocks, amongst which are; NB (+25.00%), DANGCEM (+15.38%), ETI (+12.36%), CONOIL (+9.77%), NESTLE (+8.67%), ZENITHBANK (+7.69%), TRANSCORP (+7.58%), HONYFLOUR (+7.00%), OANDO (+6.85%), GUARANTY (+4.52%), UBN (+3.70%), DANGSUGAR (+2.81%), UBA (+2.48%), FBNH (+2.17%), and FIDELITY (+0.56%).
Outlook for the rest of the week ending May 15th, 2020
After nine consecutive trading sessions of gaining streak, we expect some investors to exit their position in the early days of next week, as seen last Friday.
However, we believe the low price of many fundamentally viable stocks will continue to attract long term investors.
GTI TOP-5 WEEKLY STOCK PICKS FOR THE PERIOD 11/05/2020 – 15/05/2020