Last week, the local bourse extends positive moment with a week-on-week gain of 0.72% in the All-Share Index, despite sell-pressure prevailing in two of the five trading sessions.
However, the Market Capitalization value appreciated by 0.75% due to the migration of Challarams Plc, Living Trust Mortgage Plc, McNichols Plc, and the Initiates Plc from ASeM to Growth Board.
Consequently, the All-Share Index settled at 35,137.99 absolute points, while the Market Capitalization value printed at ₦18.365 trillion compared to last week closing position of 34,886 points and ₦18.228 trillion. This is nominal term translates to a week-on-week gain of ₦137.20 billion in Market Capitalization value.
The uptrend was impacted by gains recorded in medium and large capitalized stocks, amongst which are; TRIPPLEG (+20.00%), AIRTELAFRI (+19.63%), FTNCOCOA (+16.00%), CUTIX (+11.76%), AIICO (+10.00%), MOBIL (+9.20%), MCNICHOLS (+8.51%), UPL (+6.52%), MAYBAKER (+5.67%), ARDOVA (+5.09%), COURTVILLE (+5.00%), and HONYFLOUR (+4.67%).
Outlook for the week ending December 11th, 2020
We anticipate seeing renewed profit-taking this week as more investor move to realign their portfolios ahead of the new year.
However, we do not rule out pockets of bargain-hunting on some large-cap stock that have seen price depreciation in recent weeks. Overall, we expect the market to close southward.