July 24 (Lagos) - The bulls showed up in the market yesterday and pushed the all share index higher by 1.4% with gains in
DANGCEM and
MTNN although there were declines in big bank stocks like
GUARANTY and
UBA which was expected after the CBN failed take any hard decisions at their MPC meeting earlier this week.
So can we expect the rally to strengthen from here or are we in for another deja-vu with Naira devaluation talk reaching fever pitch and global stocks suffering as a result of deteriorating geo-political risk.
The biggest democracies in the world increasingly view communist China as a threat to their economies, land borders, intellectual properties and technology secrets.
Analysts at Vetiva Capital Management Ltd in Victoria Island believe the attractiveness of a number of fundamentally sound stocks should drive some BUY sentiment tomorrow, though the persistent uncertainties in the global and domestic space will continue to pose a threat.
Stocks to Watch
On the Bid Cart:
DANGCEM closed the session as the best performing stock, rising 10.00% to close at its intra-day maximum price of N 134.20. The impressive performance resulted from position taking by investors in the counter that had lost about 13.00% in the last one month, thereby creating opportunity for savvy investors. The stock has declined 5.49% YTD (
BUACEMENT : +14.29%;
WAPCO : -20.29%; NSEINDUSTR : +3.93% YTD).
On the Offer Cart:
NEIMETH closed in the opposite direction to where it settled yesterday, topping the laggards table, down by 667bps to end the session at N 1.40. The negative performance resulted from profit taking in the counter that rose 714bps in yesterday's session.
reporting for easykobo.com on Friday, July 24 2020 from Lagos, Nigeria