Last week, the market closed in the green zone after the index advanced on two out of five trading days.
The Nigerian Bourse inched higher by 1.38% Week-on-Week to close at 35,488.81 points, while the top performing stock for the week was LINKASSURE (+11.86%), which closed at NGN0.66.
On the other hand, ENAMELWA led the list of laggards (-16.65%) to settle at NGN23.23. Despite the significant sell-offs witnessed on most trading days, the NSEASI closed positive on the back of gains recorded on large cap stocks, particularly DANGCEM, towards the end of the week.
Following the significant gains recorded on a number of large-cap tickers last week, we expect to see a moderation in buy pressures towards them given their relatively high prices
We also do not rule out the possibility pockets of profit-taking on stocks which had substantial WoW returns. The decision of the Monetary Policy Committee (MPC) after its meetings, which are to hold today and tomorrow, may also largely steer market activities
In sum, we expect sell pressures to dominate the Nigerian bourse this week, and thus, we posit a marginal WoW loss.
