The Nigerian bourse sustained its bullish sentiments, as the NSEASI gained 0.49% last week, driving the year-to-date return to 38.12%.
Market breadth stood at 1.07x, as there were thirty-nine (31) gainers and twenty-nine (29) losers in the week.
CAVERTON emerged as the top gainer last week, with a share price appreciation of 30.23% to settle at NGN1.68. On the flip side, CHAMPION led the losers’ chart, as the counter pared by 14.34% to close at a price of NGN2.09.
Despite the evident sell-downs on certain tickers, we note that the gains which prevailed last week stemmed from buy pressures witnessed on counters that had formerly waned in value.
For the week commencing November 13, 2017 We expect the market to be pervaded by mixed sentiments as we envisage sell pressures on counters that have gained significantly in the previous week alongside buy pressures on some fundamentally justified stocks.
Also, following the rally as witnessed earlier in the year after the MSCI announcement, we do not rule out the possibility of a similar reaction to the MSCI’s semi-annual index review announcement especially in the banking sector, given the improved investor confidence towards the market’s heavyweights in the previous weeks.
In a nutshell, we expect the trickles of bearish sentiments to be drowned in a flurry of buy pressures next week.
