Dec 9 (Lagos) - Gains in the large cap telecoms company
MTNN (449bps) and the banking sector helped lift the market, as the All-Share index consolidated on Tuesday's positive close, advancing by 99bps to settle at 42,435.16 points.
All sectorial indices saw positive patronage as investors bought the stocks that had seen price declines back up with gains recorded in the likes of
DANGSUGAR (+667bps),
ETI (+429bps),
ACCESS (+345bps),
SEPLAT (+246bps), and
WAPCO (+214bps), offsetting losses in
NAHCO (-251bps),
CAVERTON (-170bps),
FBNH (-87bps), and
FIDELITYBK (-83bps).
Meanwhile, market activity continues the uptrend, with volume and value traded improving marginally by 1.62% and 8.71% to 649.7m units and N 7.2 billion respectively. Notably,
FBNH accounted for 68% and 69% of today’s total volume and turnover respectively. Finally, market breadth stayed positive at 1.82x, after gainers outnumbered losers, 20 to 11.
What will shape the market today?
So far, activity level has stayed elevated, as investors continued to take advantage of the beaten down prices across sectors given the bearish sentiment seen last week. Analysts at Vetiva expect market to trade mixed today, with trades in the banking space boosting market activity.
Stocks to Watch
On the bid Cart: After four consecutive sessions of negative activity,
DANGSUGAR saw a 6.67% price reversal, closing the session on the top gainers chart at N 16.00. However, the consumer goods company has lost 9.09% YTD.
On the Offer Cart:
NAHCO finished the session on the top losers chart, shedding 2.51% of its value to settle at N 3.50. The aviation handling company has returned an impressive 52.17% YTD.
reporting for easykobo.com on Thursday, December 9 2021 from Lagos, Nigeria
Source - analysts at Vetiva securities limited in Victoria Island