Wema and Fidelity Bank trend bullish as Banking Index posts loss


The Nigerian Stock Exchange market made another bearish end posting a loss at the end of the trading session. The All-Share Index decreased by -0.39% to close at 38,766.61 from the 38,916.74 index points.

The NSE market value currently stands at N20.37 trillion from N20.45 trillion. Its Year-to-Date (YTD) returns currently stand at -3.37%.The market closed beneath expectation as ETERNA led 14 Gainers, and MRS topped the list of 21 Losers, showing a bearish movement by the NSE ASI.

Top gainers

ETERNA up +9.91%to close at N5.99LINKASSURE up +9.72% to close at N 0.79ROYALEX up +9.09% to close at N0.36JAPAULGOLD up +8.89% to close at 0.49FCMB up +4.59% to close at N2.96

Top losers

MRS down -9.92% to close at N10.90ALEX down 9.88% to close at N7.30CHIPLC down 9.38% to close at N0.29STERLNBANK down 8.65% to close at N1.69GUINNESS down 8.08% to close at N33.00

Outlook

Nairametrics had a chat with an active participator in the stock market Mr Olatunji Olubode Adegboye, MD/CEO of Edgefield Capital Management Limited. He opines that we should be looking forward to a sell-off tomorrow saying, “Tomorrow, the market outlook is not expected to deviate from today’s performance.”

He also gave his perspective of potentially profitable stocks saying, “As we await the first-quarter results of quoted companies, the following stocks are on our watchlist. They are Zenith Bank Plc, Guaranty, Flourmills Plc, UCAP, and WAPCO.”

Trading turnover on Wednesday’s trading session was boosted by UACN, ACCESS, and FBNH.

Nairametrics advises cautious buying in this era of growing uncertainties.

Source: Nairametrics

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