Stock analysts have advised investors to watch carefully before buying stocks during the bearish periods.
Akintayo Williams, Chief Executive at Value Plus, a consulting firm, said investors should look out for companies that report current quarterly earnings per share and annual earnings per share.
He said investors should buy stocks of companies that have new products that are in high supply and demand.
Femi Bakare, a stock analyst at Wealth Zone Company, said that investors should also consider companies that reward their shareholders with regular bonuses and dividends before buying stocks.
Mr. Bakare added that: “At times a good buy could be a good bye to your money if purchased without adequate knowledge.”
Market Performance
Meanwhile, the Nigerian Equities market reversed yesterday’s gains as sell pressures in UBA (-4.0%), ACCESCORP (-2.8%) and GTCO (-1.6%) triggered a 0.1% decline in the All-Share Index to 102,133.30 points. Thus, the Month-to-Date and Year-to-Date returns settled at +4.7% and +36.6%, respectively.
The total volume traded increased by 6.3% to 440.44 million units, valued at NGN17.18 billion, and exchanged in 12,375 deals. UBA was the most traded stock by volume at 51.17 million units, while DANGCEM was the most traded stock by value at NGN11.14 billion.
On sectors, the Banking (-1.2%) and Oil & Gas (-0.2%) indices posted losses while the Insurance (+2.3%) and Consumer Goods (+0.2%) indices gained. The Industrial Goods index closed flat.
As measured by market breadth, market sentiment was positive (2.4x), as 43 tickers gained relative to 18 losers. MRS (+10.0%) and IKEJAHOTEL (+9.6%) recorded the highest gains of the day, while THOMASWY (-10.0%) and CAVERTON (-7.4%) topped the losers’ list.
