• Are the bears back? The Nigerian equity market closed in red; - TopicsExpress



          

• Are the bears back? The Nigerian equity market closed in red; the NSE Index lose 92bps, putting the YTD loss at 5.2%. Notably, today’s bearish close was largely due to renewed selling pressure from foreign investors, who booked profit on selected Consumer Goods stocks. Even so, market sentiment was relatively mixed on Financial Services counters today, expectation of earnings release in the week ahead should stimulate investor appetite for cheap banking stocks, especially as local investors seek attractive dividend yields. Thus, we look forward to a modest recovery in the NSE Index tomorrow. We reiterate our preference for DIAMONDBNK, FBNH, GUARANTY and UBA. On expectation of N1.80/share dividend from Zenith Bank (implied 8.5% dividend yield, given N21.29 market price of the stock), we maintain our Buy rating on the counter.
Posted on: Wed, 05 Mar 2014 07:19:11 +0000

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