Strong good points from WAPCO, Unity Bank limits Bears grip on Nigerian Stocks

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Nigerian shares ended the final buying and selling session on a near-stale mate. the All Share Index dropped by -0.08% to shut at 39,331.61 index factors as in opposition to the -0.40% plunge recorded on Thursday. Its Year-to-Date (YTD) returns at the moment stand at -2.33%.

  • However, the market buying and selling turnover on Friday printed optimistic as quantity ticked up by +19.18% as in opposition to the +101.84% uptick recorded yesterday.
    MANSARD, ZENITHBANK, and FBNH had been probably the most energetic to spice up market turnover.
  • The market breadth closed adverse as MORISON led 20 Gainers as in opposition to 27 Losers topped by TRIPPLEG on the finish of immediately’s session – an unimproved efficiency compared with the earlier outlook.

Top gainers

  1. MORISON up 10.00% to shut at N0.66
  2. WAPCO up 9.90% to shut at N22.2
  3. NEM up 9.88% to shut at N1.89
  4. SKYAVN up 9.54% to shut at N3.33
  5. UNITYBNK up 8.96% to shut at N0.73

Top losers

  • TRIPPLEG down 10.00% to shut at N0.72
  • TRANSEXPR down 10.00% to shut at N0.81
  • UHOMREIT down 9.96% to shut at N36.6
  • CUTIX down 9.95% to shut at N1.81
  • SCOA down 9.90% to shut at N2.64

Outlook

Nigerian Stocks ended the mid-week buying and selling session on a barely bearish observe, amid hovering oil costs prevailing on the U.S buying and selling session. At the time of penning this report, Brent crude was buying and selling under $68.70/barrel.

  • That being mentioned, sturdy good points from WAPCO couldn’t cease Nigerian shares from closing barely purple, as sell-offs intensified amongst medium capitalized shares.
  • Nairametrics envisages cautious shopping for, on the feelings that latest value motion reveals additional market correction as cut price hunters preserve a tab on Nigerian macros.

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