Strong gains from WAPCO, Unity Bank limit Bears grip on Nigerian Stocks

Nigerian stocks ended the last trading session on a near-stale mate. the All Share Index dropped by -0.08% to close at 39,331.61 index points as against the -0.40% plunge recorded on Thursday. Its Year-to-Date (YTD) returns currently stand at -2.33%.

• However, the market trading turnover on Friday printed positive as volume ticked up by +19.18% as against the +101.84% uptick recorded yesterday.
  MANSARD, ZENITHBANK, and FBNH were the most active to boost market turnover.
• The market breadth closed negative as MORISON led 20 Gainers as against 27 Losers topped by TRIPPLEG at the end of today’s session – an unimproved performance when compared with the previous outlook.

Top gainers

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

Top losers

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

Outlook

Nigerian Stocks ended the mid-week trading session on a slightly bearish note, amid soaring oil prices prevailing at the U.S trading session. At the time of writing this report, Brent crude was trading below $68.70/barrel.

• That being said, strong gains from WAPCO couldn’t stop Nigerian stocks from closing slightly red, as sell-offs intensified among medium capitalized stocks.
• Nairametrics envisages cautious buying, on the sentiments that recent price action shows further market correction as bargain hunters keep a tab on Nigerian macros.