MERISTEM STOCK RECOMMENDATION – FEBRUARY 7TH, 2022

MARKET REVIEW
The Nigerian equities market sustained its bullish run, as the All-share Index increased for the fifth consecutive week by 2.33% WoW to end at 47,279.92pts.
The Year-to-date return closed at 10.68%.
Performance was largely mixed across sectors as three of five indices closed positive at the end of the trading week;
NGXBNK (+0.83%WoW), NGXOILGAS (+9.69% WoW) and NGXINDUSTR (+3.41% WoW) while NGXCNSMRGDS (-
1.93% WoW), while the NGXINS (-0.81% WoW) index closed in the red.
RTBRISCOE (+40.00% WoW) topped the gainers chart, while COURTVILLE shed 11.67% WoW to top the losers list. On the activity chart, FIDELITYBK topped the list as the most traded stock by volume, while GTCO topped the list as the most traded stock by value.
Performance across sectors has been broadly positive over the past few weeks particularly on bellwether stocks. Last
week, price appreciation on SEPLAT, DANGCEM, PRESCO and MTNN led the gainers chart.
This week, we think there is scope for profit taking on bellwether tickers which have gained significantly over the
past weeks. Most of these stocks are currently trading close to our near-term valuations.
Thus, we expect the market to close negative this week.
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