Stock Recommendations for the Week (28/09/2020 – 02/10/2020)

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Last week, the Nigerian equity market recorded its biggest gain in over four months, as it closed positive in all the five trading sessions. The impressive run which began on Monday with a 0.01% (₦93bn) gain in Market Capitalization value was further reinforced by Tuesday’s decision of the CBN monetary policy committee to cut the MPR by 100bps to 11.5% and Asymmetric corridor to +100/-700bps of MPR, from +200/-500.

Consequently, the All-Share Index and the Market Capitalization value both appreciated week-on-week by 2.92% to 25,319.34 points and ₦13.75 trillion respectively, from 25,527.57 points and 13.36 trillion last week.

The uptrend was impacted by gains recorded in medium and large capitalized stocks, amongst which are; NB (+25.12%), CORNERST (+16.39%), INTBREW (+9.09%), FLOURMILLS (+8.59%), PRESCO (+8.16%), FIDELITY (+6.74%), GUARANTY (+6.51%), FBNH (+4.04%), SEPLAT (+3.90%), ACCESS (+3.88%), ZENITH (+3.59%), STANBIC (+3.58%), and MTNN (+3.33%).

Outlook for the week ending October 2nd 2020

We expect the CBN accommodative policy-induced-rally witnessed last week to subside this week, as a result of profit-taking by some active traders. Nevertheless, we see the overall market performance index closing the week positive, as market valuation remains attractive for medium and long term investors.

Read Also:  Floating Glass Production Line Inaugurated in Ogun

GTI WEEKLY STOCK PICKS FOR THE PERIOD 28/09/2020 – 02/10/2020

Stock Recommendations Brandspurng for the Week (28 09 2020 - 02 10 2020)
GTI Research

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GTI Research

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