Last week, The Nigeria Bourse closed up on four trading days, halting the persistent selloffs that dominated the market over the last seven weeks. The market gained 3.25% to settle at 27,800.17bpts, thus moderating the YtD losses to -11.55%. The announcement of the ministerial portfolio, coupled with bargain hunting activities across various sectors in the market secured a positive close at the end of the week. On a balance of factors, we expect a reversal of last week gains to stem from profit taking activities.
Stock Recommendation- 26th August, 2019.
Last week, The Nigeria Bourse closed up on four trading days, halting the persistent selloffs that dominated the market over the last seven weeks. The market gained 3.25% to settle at 27,800.17bpts, thus moderating the YtD losses to -11.55%. The announcement of the ministerial portfolio, coupled with bargain hunting activities across various sectors in the market secured a positive close at the end of the week. On a balance of factors, we expect a reversal of last week gains to stem from profit taking activities. find attached for the full report.