Nov 11 (Lagos) - The index traded in the red early in today's session due to profit taking in some stocks, however, there was a reversal around mid day as investors again took position in bellwether stocks.
Subsequently, the ASI advanced 190bps to close at 33,268.36 points while the YTD return increased further to 23.94%, thanks to gains in
NB (+952bps),
MTNN (+243bps) and
BUACEMENT (+242bps) among others. Compared to the 578.78mn units and N 7.74bn traded yesterday, activity levels increased today, as the total volume and value traded rose 48.27% and 17.04% respectively, with trades in
ZENITHBANK ,
GUARANTY and
DANGCEM accounting for about 43.00% of the total market turnover.
We continued the see local institutional investors take position in fundamentally sound names thereby driving up prices. Also, improving from the 3.55x recorded yesterday, the market breadth again increased further, closing positive at 7.29x as 51 stocks closed in the green while 7 stocks closed in the red.
What will shape the market tomorrow?
The domestic bourse maintained its bullish performance as funds were again deployed into fundamentally attractive counters. Barring any adverse event capable of dampening investors sentiment, we expect the bullish performance to filter into tomorrow's session, though the possibility of profit taking on recent gains cannot be overruled, hence, a cautious trading strategy is recommended for short term player.
Stocks to Watch
Still on a bullish pattern, the domestic bourse again closed in the green as funds were again channeled to mid/cap stocks such as
GUINNESS (+10.00%),
NASCON (+971bps),
NB (+952bps),
PZ (+909bps),
FBNH (+845bps),
ETI (+726bps),
PRESCO (+584bps),
ACCESS (+449bps),
ZENITHBANK (+449bps),
WAPCO (+381bps)
GUARANTY (+286bps),
MTNN (+243bps) and
BUACEMENT (+242bps).
Contrary to the upward movement recorded by a number of mid/large cap stocks today, the small cap stocks on the other hand were negatively patronized as investors took advantage of gains recorded in the last few sessions, leading to a negative close in counters such as;
LEARNAFRCA (-476bps),
CILEASING (-465bps),
LINKASSURE (-408bps),
REDSTAREX (-368bps),
WAPIC (-217bps) and
PRESTIGE (-172bps).
reporting for easykobo.com on Thursday Nov 11 2020 from Lagos, Nigeria