Though the Nigeria Stocks market grew by 1.49% Monday with perceived optimism in most sectors except Food and beverages sub-sector, our chart analysis however shows that the bear still has a controlling grip on the market at the close of session on Monday and it’s most likely we see the market close lower today especially if the momentum responsible for the gap experienced in the general price performance is not sustained.
The price performances of Dangote cement and overall Oil & Gas subsector are of no doubt major drivers and weight behind the market positive close yesterday, as investors were bullish on Seplat, Japaul and few others.
The All-Share Index closed at 43,513.93 points indicating 1.49% growth away from the previous 42,876.23 points, while the market capitalization closed at N15.632trillion, which also grew by 1.49% above the N15.403 trillion it closed last week Friday.
Although, other market indices went south, as Market Volume and Value declined by 37.48% and 37.13 respectively as against previous session.
Activities in banking sector were upbeat as many stocks across the counter dominated the performance metrics, with Guaranty Trust Bank taking the lead in both volume and value as at the end of the trading session on Monday.
We expect further patronage of bank’s stocks especially Access and Guaranty trust, as both stocks have shown resilience to combat an attempted sell-off.
Seplat and Japaul oil, though trading within overbought region could still see marginal gains days ahead before any major drop.