Strong gains from WAPCO, Unity Bank limits 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, Zenith Bank, 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.

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.