From the trader's desk... The domestic bourse continued on its upward trajectory, advancing 39bps to close at 26,611.96 points. The upward movement resulted from gains in counter such as; BUACEMENT (+334bps), MTNN (+79bps)and SEPLAT (+50bps) among others, reducing the impact of losses in WAPCO (-625bps), FBNH (-280bps)and ACCESS (-74bps). We saw profit taking in some names that have recorded upside movement in recent sessions like WAPCO, while ZENITHBANK continues to top volume traded. On the other hand, as against the downward movement recorded in the last few sessions, activity levels plotted an upward trend today, with total volume and value traded increasing 22.68% and 12.38% respectively, while ZENITHBANK, DANGCEM and GUARANTY emerged as the most traded stocks by value. Investors' confidence remained positive closing at 1.45x, with 16 gainers against 11 decliners. For a breakdown of stock performances, please see thepricelist.
What will shape the market tomorrow? The Bulls momentum continued today as the equities market continued to record influx of funds. However, with the gains recorded in the last few sessions, we expect a mixed trading pattern in the next few sessions, with bargain hunting in some counters and profit taking in others. Stocks to Watch On the Bid Cart: The Nigerian equities market remained in the positive territory, riding on the back of continued interest in mid/large cap stocks such as; BUACEMENT (+334bps), ETI (+244bps), DANGSUGAR (+163bps), ZENITHBANK (+116bps), MTNN (+79bps) and SEPLAT (+50bps) among others.
On the Offer Cart: Though the market maintained its upward movement, however, profit taking action were recorded in counters such as WAPCO (+625bps), FBNH (-280bps), INTBREW (-128bps), ARDOVA (-90bps), UBA (-82bps)and ACCESS (-74bps).