Stock Recommendations for the Week (21/09/2020 – 25/09/2020)

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Last week, investors wealth on the local bourse appreciated by ₦10.4 billion following bargain hunting on medium and large-cap Industrial goods and Consumer goods stocks.

As a result, the overall market performance indices, the NSE-ASI and the Market Capitalization value both gained 0.10% week-on-week to close at 25,572.57 index points and ₦13.36 trillion respectively, compared to 25,591.95 index points and ₦13.35 trillion in the preceding week.

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Source: NSE, GTI Research

The uptrend was impacted by gains recorded in medium and large capitalized stocks, amongst which are; WAPIC (+12.12%), NEIMETH (+9.55%), CAP (+8.57%), NB (+2.31%), VITAFOAM (+1.93%), FLOURMILLS (+1.54%), GUARANTY (+1.40%), DANGCEM (+0.75%) and ARDOVA (+0.44%).

Outlook for the week ending September 25th 2020

Despite the overall positive performance of the market last week, we expect to see profit-taking on some recently appreciated stocks this week, especially in the first two trading sessions. This we believe will be driven by a weak macroeconomic outlook in the short-to-medium term, and the unlikelihood of the CBN to reduce the MPR during its meeting this week.

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Hence, we see sell pressure taking an edge for the week.

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Stock Recommendations for the Week (21/09/2020 - 25/09/2020) - Brand SpurStock Recommendations for the Week (21/09/2020 - 25/09/2020) - Brand Spur

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Stock Recommendations for the Week (21/09/2020 - 25/09/2020) - Brand SpurStock Recommendations for the Week (21/09/2020 - 25/09/2020) - Brand Spur

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