By Dipo Olowookere
The Nigerian equity market rounded off last week on a mildly positive note, gaining 29bps on Friday, thus bringing the bourse to its highest w/w gain in four weeks (+21bps w/w) and ytd returns to 7 percent.
With green closes across all but one key sector and strong positive market breadth at week close, Friday’s upbeat sentiment is expected to filter into today’s session even as participants begin to price in expectations for Q1’18 earnings releases.
According to analysts at Vetiva Research, after 11 sessions of no price movements, SEPLAT gained 499bps on Friday.
This uptick was likely driven by announcement of an interim dividend consideration by the Board of directors, deviating from historical trend, and amidst news of the company’s addition to the Nigerian Stock Exchange Premium Board.
The stock currently trades at a price of N698.30k per share, below Vetiva’s target price of N973.68 and has returned 12 percent ytd.
As usual, Vetiva Research has released its weekly recommendations, which can be viewed in the picture below.
We at Business Post wish you a successful trading week.
more recommended stories
Lafarge Africa Shifts Offer Period for N89b Rights Issue
Dipo Olowookere An approval has been.
Sovereign Trust Insurance Applies to Raise N2.09b via Rights Issue
By Dipo Olowookere One of the.
Equities Gain N438b in Five Days as Index Rises 3.94%
By Dipo Olowookere Bargain hunting on.
Naira Appreciates Amid Weekly $210m Forex Supply
By Dipo Olowookere The local currency.