27, 2017 11:53AM/ GTI Research
Market Review for week ended November 24th, 2017
Equity market transactions on the floor of the Nigerian Stock Exchange (NSE) in the week under review traded on a stronger than expected positive note as investors and traders reacted to positive economic data within the investment space. The market opened the week on Monday with a marginal growth of 0.24% as the news of Q3 GDP data filtered in.
There was marginal correction on Tuesday in reaction to MPC decision to hold status quo on all basic considerations in its November’s meeting. The positive sentiments on earlier inflation data, GDP and success recorded on Eurobond roadshow in London and New York dominated the market from Wednesday through Friday. Week-on-week (wow), the All-Share Index gained 662.33 absolute points, representing a growth of 1.80% to close of 37,365.91, thereby clearing the prior week decline of 1.12%.
The Market Capitalisation grew by 1.84% to close at N13.01 trillion from the opening value of N12.77 trillion. The Year-to-date (Ytd) returns now stands at 39.04%. A total turnover of 2.18 billion shares worth N22.80 billion in 17,019 deals were traded in the week by investors in contrast to a total of 2.80 billion shares valued at N54.776 billion that exchanged hands previous week in 17,792 deals.
The Financial Services Industry led the activity chart with 1.76 billion shares valued at N11.57 billion traded in 8,730 deals; thus contributing 80.44% and 50.76% to the total equity turnover volume and value respectively. The Consumer Goods Industry followed with 178.15 million shares worth N8.66 billion in 4,457 deals.
(36) equities appreciated in price during the week, higher than twenty (20)
recorded in the previous week. Twenty-four (24) equities depreciated in price,
lower than forty-three (43) in the previous week, while one hundred and eleven
(111) equities remained unchanged higher …Financial Possibilities TOP-5 STOCK
PICKS GTI Research GTI Research than one hundred and eight (108) equities
recorded in the preceding week.
Outlook for the new week ending November 24th, 2017
This week, we expect a level of profit taking to dictate activity on the Floor of the Exchange considering that the month of November will be wound up. This will give a number of portfolio managers, as well as traders an ample time to re-assess and rebalance their portfolio holdings. The recent positive economic data are equally expected to dictate activity direction going forward.
Major market outlook will be the OPEC and Non-OPEC meeting holding in Vienna, Austria where issue bothering on possible extension of existing supply cut on Crude Oil would be discussed. By and large, we expect continuation of volatility on main trading indicators.
Unilever, UCAP, Fidson, Flour Mills, DangCem.