Looking at what the situation report is as per trading activities on the floor of the Nigerian Stock Exchange, measuring the performances of Monday against Friday, the market is said to be down. It’s like a war between investors who are interested in buying and those who are interested in selling.
In actual fact, the candlestick for Friday where the market ended was a “dolgi” which was more or less an indecision signal, and that suggested that as at Friday against Monday, that there was going to be a major war.
So looking at the market generally, and the quality of equities on the activity chart, we could say that most of the key stocks that could determine the direction of the market on Monday were rather stagnant. For instance:
MTN was not on the activity chart either as a gainer or a loser. Dangote Cement was not captured as either gainer or loser.
FBNH lost on Monday rather marginally. It lost 2.19%, that does not make that equity bad.
Wema Bank is a high flying stock moving well above 70 kobo on Monday. It got to a high of 77 kobo and ended up losing 7.89%.
From what I can see, it was not as if the market had become totally bullish; but it was on the way to being bullish. That is not going to come so easily. It is going to come after a measure of resistance from the end of those of that are willing to buy.
Low priced stocks to consider for short term
The year is winding down and in less than 6 weeks trading activities on the floor of the Nigerian Stock Exchange will round up. With the way the market has behaved around this time of the year, the investment strategy to enter into year 2020 should be short term. Investors should focus on short term. The following low priced stocks can be considered for short term.
- Transcorp
- Fidelity
- FCMB
- NEM
- Zenith
- FBNH
- UBA