Stock Market Recommendations For Week 41 (05/10/2020 – 09/10/2020)

Last week, the Nigerian Stock Market continued its recent stellar performance, as it closed positive in all the four trading sessions, Brandnewsday gathers.

This came as the local bourse gained a total of ₦350.15 billion, culminating in a week-on-week gain of 2.53% in the All-Share Index (which settled at 26,985.77 absolute points), while the Market Capitalization value gained 2.55% w/w to close at ₦14.11 trillion due to the listing of an additional 146,878,241 ordinary shares of Dangote Sugar Plc at 50k each.

Nigerian Stock Market

The uptrend was impacted by gains recorded in medium and large capitalized stocks, amongst which are; TOTAL (+21.00%), OANDO (+12.81%), STERLNBANK (+12.34%), CHAMPION (+9.88%), IKEJAHOTEL (+9.78%), AIICO (+9.72%), ETERNA (+9.60%), INTERBREW (+8.33%), GUARANTY (+7.41%), UACN (+6.56%), DANGSUGAR (+4.88%), MTNN (+4.84%), and ZENITH (+4.34%).

Outlook for the week ending October 9th 2020

After two weeks of a bullish trend, we expect to see a seesaw movement in the market performance this week, owing largely to anticipated profit taking by active traders.

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Also, a possible drawback of foreign investors as a result of the renewed pressure on crude oil prices in the international market. Hence, we see the NSE-ASI retreating mildly this week.

GTI WEEKLY STOCK PICKS FOR THE PERIOD 05/10/2020 – 09/10/2020