By Modupe Gbadeyanka
The Nigerian equity market rounded off last week on a largely mixed note, gaining 0.08 percent at week close.
Despite gains in the last three sessions of the week, the Nigerian bourse lost 1.13 percent w/w, cutting ytd returns to 11.5 percent.
Despite last week’s mildly positive close, choppy intraday trading and negative market breadth point to mixed sentiment on the Nigerian bourse.
Nevertheless, according to Vetiva Research, we do not rule out investors swooping in to take advantage of beaten down prices as earnings season approaches.
Last week, Nigerian Breweries released its FY’17 results with topline and bottom line printing at N345 billion and N33 billion respectively, 10 percent and 16 percent above FY’16 figures.
The stock currently trades at N131 per share, below Vetiva’s target price of N149.36, and has declined 3 percent ytd.
As investors resume for trading this week, Vetiva Research has released its weekly recommendations, which can be viewed below.
Adedapo Adesanya