July 8 (Lagos) - Bullish sentiment sustained at the local bourse as the ASI increased further by 75bps to close the session at 24,278.07 points.
The positive performance came on the back of price increases in names such as
WAPCO (+10.00%),
GUARANTY (+689bps) and
OKOMUOIL (+115bps) among others. Similarly, as against the slowed activity we saw yesterday, large crosses in
MTNN (accounted for about 69.00% of total market turnover) increased the total value traded for the day by 80.65% while total volume traded followed similar pattern (up by 49.56%).
Also, trading in an opposite direction to what we've seen in recent times, the market breadth for the day closed positive at 3.13x, as 25 stocks increased in value against 8 stocks which recorded capital depreciation.
With a number of fundamentally sound stocks trading at low prices, investors were left with no choice than to cherry pick some attractive counters.
Analysts at Vetiva Capital Management in Victoria Island expect investors to continue to take position in a number of attractive stocks tomorrow albeit cautiously, though significant sell offs in large cap stocks may push the index to a negative close.
On the Bid Cart:
The Nigerian equities saw a renewed interest today as investor took positions in a number of fundamentally sound stocks trading at low prices. Subsequently, names such as WAPCO (+10.00%), JBERGER (+990bps), GUARANTY (+689bps), FBNH (+392bps), UBA (+323bps), ACCESS (+323bps), ZENITHBANK (+183bps) and OKOMUOIL (+115bps) all closed in the green.
On the Offer Cart: Despite the bullishness in today's session, BERGER saw a negative investor's patronage, closing the session down by 963bps to settle at N 6.10.
The counter traded about 1.1m units today, with most trades occurring at the offer side. With today's negative performance, its YTD return closed at -9.63%.
reporting for easykobo.com on Thursday, July 8 2020 from Lagos, Nigeria
Source - analysts at Vetiva Capital Management Ltd in Victoria Island - all opinions, views, forecasts expressed in above article are those of analysts at Vetiva Capital Management Ltd.