Last week, the Nigerian equity market ended with 0.63% gain, extending previous week positive sentiment, despite recording loss in three of the five trading days.
Consequently, the All-Share Index (ASI) grew by 157.95 absolute points, representing a 0.63% growth to close at 25,199.84 points. Similarly, the Market Capitalization gained ₦82.46 billion, representing a 0.63% increase to close at ₦13.15 trillion.
The uptrend was impacted by gains recorded in medium and large capitalized stocks, amongst which are; NB (+12.50%), SEPLAT (+10.00%), AIRTELAFRI (+9.20%), PRESCO (+7.29%), OANDO (+5.53%), OKOMUOIL (+3.90%), STANBIC (+2.73%), GUARANTY (+2.26%), FLOURMILL (+2.07%), TOTAL (+1.14%), and MTNN (+0.42%).
Outlook for the week ending August 21st 2020
Following two successive weeks of dominant positive sentiment on the bourse, we expect to see mixed sentiment this week. On the low front, we expect active investors to dump some recently appreciated stocks, amid profit-taking.
On the high side, we believe the impressive performance of many quoted companies in H1’20 (despite Covid-19 effect) may spur long-term investors to strengthen their portfolio with the stocks of these companies.
Overall, we expect the “Bull” to hedge the “Bear”.
GTI WEEKLY STOCK PICKS FOR THE PERIOD 17/08/2020 – 21/08/2020
