The Nigerian bourse commenced the month on a positive note, as the All-Share index inched up by 2.49 percent WoW. Consequently, the Year-to-Date return settled at 35.15 percent.
The market breadth pegged at 1.50x, as the market recorded 39 gainers and 26 losers.
CILEASING topped the outperformers’ chart for the second week in a row, as the ticker advanced further by 19.63% WoW, to close at NGN1.95.
Conversely, MRS emerged the top loser for the week, shedding 14.13 percent of its value WoW.
We attribute the positive sentiments witnessed in the week to increased investor confidence in the Nigerian economy and positioning ahead of favourable 9M financial scorecards.
During the week, we anticipate trickles of sell-pressures on tickers that have recorded significant gains previously.
Also, we note the increased appetite towards large cap stocks in the previous week, and expect this trend to be sustained in the week ahead.
In the coming week, we posit that investors should take position in fundamentally justified stocks ahead of the release of 9M financial results.
In sum, we expect positive sentiments to outweigh the sell pressures and as such, expect a positive close to the market week-on-week.
