The Nigerian equity market rounded off last week on a negative note, shedding 14bps on Friday to extend the week’s loss to 28bps.
Market sentiment appears lukewarm given the mixed closes across key sectors and sustained negative market breadth, even as the ASI traded lower for the most part of Friday’s session. We expect this to drive the market to a weak start this week.
During the week, Unilever released its Q1’18 results, reporting revenue of N26 billion (+16% y/y) and PAT of ₦3 billion (+81% y/y)-coming in 4% and 23% ahead of our estimates respectively.
The stock shed 364bps on Friday to close at N53, higher than the target price of N34.15. The stock has gained 29% year-to-date.
As usual, analysts at Vetiva Research have released their recommendations for this week and are pictorially presented below.