Last week, the Nigerian equities market ended positive for the sixth consecutive week, as the NSEASI gained 0.35% WoW to close at 25,309.37pts. The bullish momentum in the market was sustained by the rally seen on fundamentally sound stocks spread across sectors but particularly in the consumer goods and insurance space, moderating YtD return to -5.71%. UPL emerged top gainer with a gain of 31.45% WoW, while BETAGLAS shed 9.99% of its share price to lead the losers. All sectoral indices except the NSEB10 (which shed 0.23%) closed in the positive zone.
This week, we identify the decline in the number of COVID-19 cases in Nigeria and the sustained oil price rally in the global oil market as upside risks. We also anticipate results from key banking tickers GUARANTY, ACCESS, ZENITHBANK and UBA will spur positive investor sentiment in the market. Overall, we expect the market to close marginally positive this week.
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CORPORATE BENEFIT TRIGGER – 31st August 2020
STOCK RECOMMENDATION – 31st August 2020
