The Nigerian bourse continued its bearish run last week, as the NSEASI lost 1.38%, extending the YtD losses to -13.63%. During the week, the National Bureau of Statistics (NBS) released the Q2:2019 GDP report which showed that the economy expanded by 1.94% YoY, a slowdown from the 2.10% recorded in Q1:2019. The bullish run recorded in the first two days was short-lived as bearish sentiment resumed strongly, eroding the earlier gains. On a balance of factors, we expect bearish sentiment to prevail in the market this week in spite of bargain hunting opportunities.
Stock Recommendation- 9th September, 2019.
The Nigerian bourse continued its bearish run last week, as the NSEASI lost 1.38%, extending the YtD losses to -13.63%. During the week, the National Bureau of Statistics (NBS) released the Q2:2019 GDP report which showed that the economy expanded by 1.94% YoY, a slowdown from the 2.10% recorded in Q1:2019. The bullish run recorded in the first two days was short-lived as bearish sentiment resumed strongly, eroding the earlier gains. On a balance of factors, we expect bearish sentiment to prevail in the market this week in spite of bargain hunting opportunities. find attached for the full report.