Breakfast Report 22 July, 2019
Equity: Despite the market closing in the green on Friday last week, we foresee a negative performance at the start of the week. However, we note that we do not rule out the possibility of bargain hunting on the attractive price points across the board.
Stock Watch: FO hit a new year low last week Thursday but made a 981bps recovery settling at ₦20.15 on Friday, on the back of bargain hunting on the security. As such, the Oil & Gas firm has now declined 30% YTD (Oil & Gas sector: -24% YTD)
Fixed Income: With the CBN conducting its MPC meeting at the start of the week, and the DMO holding an auction this week with ₦145 billion on offer, we foresee investors taking a cautious stance at the start of the week.
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