GTI Stock Recommendations for the Week (07/09/2020 – 11/09/2020)

GTI stock recommendations for the week (07_09_2020 - 11_09_2020)
Photo by Ishant Mishra on Unsplash

Market Review for the week ended September 4th, 2020

Trading activities on the Nigerian equity market during last week went on a bullish run, to sustain the previous six weeks positive sentiments, following the declaration of interim dividends from the tier-I lenders.

As a result, the All-Share Index (ASI) grew by 296.27 absolute points, representing a growth of 1.17% to close at 25,605.64 points. Similarly, the Market Capitalization gained ₦154.44 billion, representing a 1.17% increase to close at ₦13.36 trillion.

GTI stock recommendations for the week (07_09_2020 - 11_09_2020)
Source: NSE, GTI Research

The uptrend was impacted by gains recorded in medium and large capitalized stocks, amongst which are; UACN (+10.53%), MOBIL (+10.00%), VITAFOAM (+9.14%), NB (+8.11%), WEMABANK (+7.84%), STANBIC (+5.41%), GUARANTY (+4.53%), SEPLAT (+3.90%), WAPCO (+3.90%), ZENITHBANK (+3.26%), FCMB (+2.33%),UBA (+1.57%), FLOURMILL (+1.06%), FBNH (+1.01%), ACCESS (+0.78%), BUACEMENT (+0.75%) and MTNN (+0.68%).

Outlook for the week ending September 11th 2020

We expect the overall market performance to be positive in the new trading week as more investors position to benefit from the interim dividend declared by some bellwethers.

GTI stock recommendations for the week (07_09_2020 - 11_09_2020)
NOTICE: *** Means Reviewed Target Price Owing to Expected Impact of the Covid-19 pandemic on 2020 Earnings