Last week, investors in the Nigerian equity market recorded a week-on-week gain of ₦46 billion from positive sentiment on some medium-priced stocks, as the market performance indicators grew in four of the five trading days. As a result, the All Share Index (ASI) grew by 87.50 absolute points, representing a growth of 0.35% to close at 25,309.37 points. Similarly, the Market Capitalisation gained ₦45.65 billion, representing a 0.35% increase to close at ₦13.20 trillion.
The uptrend was impacted by gains recorded in medium and large capitalized stocks, amongst which are; PZ (+9.09%), UNILEVER (+7.53%), UACN (+4.55%), STANBIC (+4.49%), FCMB (+3.45%), BUACEMENT (+2.83%), INTBREW(+2.78%), NB (+2.78%), FLOURMILL (+1.62%), FBNH (+1.00%), VITAFOAM (+0.92%), GUARANTY (+0.40%) and ZENITHBANK (+0.30%).
Outlook for the week ending September 4th 2020
Following six successive week-on-week bullish run on the local bourse, we anticipate profit taking by active investors in the new week. Hence, we expect the overall market performance indicator NSE-ASI to take a little slack.
- BUY: Means the upside potential of the stock over the next 12-months is significantly high when the current price is compared to our fair value. Hence, investors can take advantage.
- HOLD: Means upside potential of the stock over the next 12-months is modest when the current price is compared to our fair value. Hence, investors may either hold onto the current units or sell part.
- SELL: Means the stocks has below 15% potential to hit out fair value target. Hence, investors may choose to exit position.
- UR: Means the stocks is Under Review based on the most recent earnings’ result. Hence, investors may take caution when trading such stock.
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