[U TURN] 20 Stocks Gain as Bulls Fights to ‘Comeback’
Nairametrics
Much in line with our expectation, the equities market took a 180 degree turn to settle positive at the close of the day after resuming the day’s session on a bearish note. The All Share Index returned +0.30%, as the Year-to-Date return improved marginally to -18.57%. Market breadth settled at 0.59x, while volume traded and value of transaction in the day declined by 31.12% and 44.81% accordingly.
SKYEBANK, VITAFOAM, GUINNESS, DIAMONDBNK, and JBERGER led 20 advancers in the day by 9.79%, 6.96%, 4.99%, 4.71%, and 4.50% correspondingly. On the flip side, FLOURMILL, PZ, HONYFLOUR, RTBRISCOE, and CAP led 34 decliners after shedding 9.73%, 9.69%, 9.20%, 7.27%, and 5.00% respectively.
Performances across monitored African markets showed the Egyptian equities market advancing the most (+2.99%), while the Kenyan market was the most hit, declining by 1.38%.
We are of the opinion that the respite taken by the “BEARS” was much-anticipated amidst the consistent declines witnessed in the past days. We however note that it is not yet “uhuru” for the market and advice value seeking investors to balance their optimism with caution.
