Market Summary: Stocks close the week with a bang!!

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 Weekly market breadth positive at 2.08x

• In line with our expectations, the NSEASI+5.03% rebounded in the week, as bargain seekers took position on stocks.
• Total market cap closed at NGN14.01 trillion.
• Market breadth closed positive at 2.08x on improved sentiments.
• JAPAULOIL+40.91%, NASCON+17.89% and CILEASING+17.52% topped the weekly advancers’ chart while NPFMCRFBK-14.51% closed as top loser.
• Buying pressures were heavy, championed by the industrial goods sector.
• The oil and gas and insurance sectors closed underwater week on week.

Why stocks are up

• Following the losing streak witnessed in the month of May, investors sought comfort from opportunities to buy the dip.
• We however note the persistent negative sentiments towards emerging and frontier markets, and advise investors to remain cautious.

Banking Sector: 14 counters gain week on week

Positive sentiments returned to several stocks in the sector.

Investors were most bullish on FIDELITYBK+14.57% which saw the greatest price appreciation in the week.

The YtD return on the NSEBNK10 index settled at +2.99%.

Insurance Sector: Bearish sentiments prevail

Similar to the oil and gas space, the NSEINS10-0.61% index closed in the red.

The greatest sell-offs were noted on HMARKINS-12.90%.

The YtD return on the NSEINS10 index closed at +1.00%.

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Contact Morgan Capital for more information.

Email: [email protected]

www.morgancapitalgroup.com