The Nigerian bourse closed on a negative note as the NSEASI declined by 0.71% WoW, bringing the Year to Date return to 36.14%.
There were 24 gainers and 39 losers, settling the market breadth at 0.62x and topping the gainers’ chart was INTBREW after advancing by 21.77% WoW to close at NGN51.01.
On the flip side, REDSTAREX closed as the top loser with a WoW decline of 13.00%.
In spite of the gains recorded in the banking space, sell pressures witnessed on some bellwether stocks drove the market to the negative territory.
While we anticipate continued sell-offs on tickers that recorded some gains in recent weeks, we also expect investors to take advantage of stocks that have shed in value.
Also, we envisage stronger reactions to the impressive scorecards expected to be released in the week, especially from the consumer goods space which we expect should drive positive sentiments in the market.
In sum, we expect the market to close in the green zone as positive sentiments are expected to outweigh the sell pressures.
Check the recommendation below courtesy Meristem Research:
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