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Tuesday, November 07, 2017 10:16AM /GTI
Research
Market
Review for week ended November 3rd, 2017
The
Nigerian equity market posted a positive performance in the week under review
to reverse previous two weeks bearish run. The local bourse appreciated by
1.31% week-on-week (wow) at the close of bell on Friday to close at 36,939.59
in contrast to last week's close of 36,462.26.
Trading
activities on the Exchange was boosted by positive Q3 ’17 earnings from
companies who made frantic effort to beat the deadline on earnings reporting
season which officially came to a close in the week. Many of the results beat
market expectations and subsequently triggered handful of demand from
discerning investors.
Other
factors that boosted the market’s space was the news on retention of Nigeria by
MSCI (Morgan Stanley Capital International) on its Frontier Index, Purchasing
Managers Index (PMI) October reading of 55.0 points released by the Central
Bank of Nigeria (CBN) and strong commodity prices, particularly oil, Nigeria’s
mainstay and major income earner, thereby boosting government revenue and the
nation’s external reserves.
A
total turnover of 1.36 billion shares worth N17.71 billion in 21,891 deals were
traded this week by investors on the floor of the Exchange in contrast to a
total of 1.39 billion shares valued at N16.40 billion that exchanged hands last
week in 19,195 deals. Thirty-seven (37) equities appreciated in price during
the week, higher than thirty-three (33) of the previous week.
Twenty-nine (29) equities depreciated in price, lower than thirty-two (32) equities of the previous week, while one hundred and five (105) equities remained unchanged lower than one hundred and six (106) equities recorded in the preceding week.
Outlook
for the new week ending November 10th, 2017
This
week, the market volatility will continue as investors re-assesses and
re-balance their portfolio positions on the strength of recent earnings, ahead
of Octobers’ Inflation expectation, the GDP Q3 data and year-end sentiments. We
are confident that the week will extend bullish run into second week.
Watch List
Unilever,
UCAP, Fidson, Flour Mills, DangCem.
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