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Equities market to maintain positive momentum this week

…. As Presco, blue chips listed as stock to watch

Stories by Peter Egwuatu

The Nigerian equities market is expected to maintain positive momentum this week as investors awaits the  2017 third quarter results for companies listed on the Nigerian Stock Exchange, NSE.

Financial analysts have stressed that the beginning of the trading day will likely witness rally in blue chip stocks whose performance are likely to be in green.

Nigerian Stock Exchange

Analysts from Vetiva Capital Management Limited, have said: “We expect the positive market momentum to persist at the start of this week, and further demand on blue chip stocks.”

Continuing the analysts stated; Stock to watch during the week is Presco Plc, which has advanced 15 per cent in the last two sessions, rallying to ¦ 68.00, and is below consensus target price of ¦ 80.76. The stock has returned 70 per cent Year to Date,   ytd.” Analysts from Cowry Asset Management Limited, said : “This week, we anticipate a combination of bullish and bearish activities amidst low investor expectations in the short term.

Meanwhile, analysis of the NSE equity performance last week showed that amidst firmly improving positive market sentiment, the market ended trading week firmly in the green as   NSE   All Share Index, ASI up 153bases points bps and market capitalization up by 2.34 per cent

Meanwhile, a total turnover of 1.493 billion shares worth N15.107 billion in 14,549 deals were traded last week by investors on the floor of the Exchange in contrast to a total of 1.326 billion shares valued at N14.086 billion that exchanged hands penultimate week in 14,703 deals.

The Financial Services Industry (measured by volume) led the activity chart with 1.288 billion shares valued at N10.121 billion traded in 8,334 deals; thus contributing 86.30 per cent and 66.99 per cent to the total equity turnover volume and value respectively. The Consumer Goods Industry followed with 89.259 million shares worth N3.154 billion in 2,760 deals. The third place was occupied by Conglomerates Industry with a turnover of 49.361 million shares worth N113.737 million in 491 deals.

Trading in the top three   equites. namely – FCMB Group Plc, Diamond Bank Plc and FBN Holdings Plc (measured by volume) accounted for 659.042 million shares worth N1.312 billion in 1,933 deals, contributing 44.14 per cent and 8.69 per cent to the total equity turnover volume and value respectively.

Thirty-eight (38) equities appreciated in price during the week, higher than thirty-two (32) of the penultimate week. Twenty-six (26) equities depreciated in price, lower than thirty-two (32) equities of the penultimate week, while one hundred and seven (107) equities remained unchanged same as one hundred and seven (107) equities recorded in the penultimate week.


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