Nigerian stocks began the week with a gain as the all share index reversed about 12 straight day of losing gaining 0.03%. Many stocks which lost grounds last week saw modest gains as many as 29 stocks joined the gainers list. The likes of Dangote Sugar, Access Bank, Diamond Bank, First Bank, Oando etc. all joined the gainers list. Sources from the market suggest most investors placed buy orders as many stocks reached tempting lows.
However, this is no way suggest the meltdown is over as the market may still face sever aftershock after the crash of the past two weeks. In fact about 33 stocks still joined the gainers list including the likes of Dangote Cement, Okomu Oil, Mobil, UACN Honeywell all dropping prices. It is likely that most of the current bulls will dump shares again taking out profits as investors hitherto waiting on the sideline decide make a comeback thinking the meltdown is over. It will be wise to buy cautiously with an eye for the long term.
Get the full list of Gainers and losers for Monday