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Stock Recommendation for the Week (January 22)

By Modupe Gbadeyanka

It is a new week and trading activities resumed on the floor of the Nigerian Stock Exchange on Monday with investors very upbeat.

Last week, the stock market appreciated by 5.11 percent week-on-week, and despite closing 0.54 percent higher on Friday, the market sentiment was mixed.

Analysts at Vetiva Research said, “We note the mostly-sideways trading pattern on the exchange at last week’s close, indicated by mixed closes across key sectors and negative market breadth.

“Absent any significant news flow today, we expect the market to kick off the week with varied trading as investors take profit and seek bargain names.”

In line with the wider market, CCNN has been on an uptrend, rising 32 percent last week. The stock currently trades at N17.50, above Vetiva’s target price of N8.39 and has returned 84 percent year-to-date.

Below are the top recommendations for this week released by Vetiva Research this morning.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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