From the trader's desk...
Asides the drawback seen in the consumer goods sector, with NESTLE"Ëœs second 10.00% price drop this week, market sentiments recovered significantly to close at 2.25x. Consequently, the All-Share index gained 204bps to close at 47,554.34 points. The major driver of today's positive performance remain the telecoms sectors, as green closes were seen in AIRTELAFRI (+741bps) and MTNN (+500bps). While Tier- 1 banks - UBA (+139bps), ACCESSCORP (+118bps) and FBNH (+46bps) formed part of the 18 gainers in today's session. Lastly, on the back of increased trades in high-priced counters, turnover improved by 154% to ₦5.5 billion while traded volume declined 29% to 98.9 million units.
What will shape the market tomorrow?
Despite the mixed sentiments in the market, we've seen four straight sessions of positive weekly close, with this week posting the most significant return due to the appreciations in the large-cap counters (AIRTLEAFRI, DANGCEM, BUACEMENT, and BUAFOODS). Baring any major sell-offs next week, we expect market to maintain its positive WTD return.
Stocks to Watch
On the bid Cart: Once again, AIRTELAFRI closed on the top gainers chart with a 7.41% price appreciation to settle at ₦1,450. The telecoms company has returned a YTD profit of 51.83%.
On the Offer Cart: The price of NESTLE shares crossed below ₦1,000 today after losing 19% in the last 2 days of trading. Meanwhile, the consumer goods counter has lost 38.07% YTD.
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