In the Report – IHS Plc, UBA Plc, Transcorp Plc, Dangote Flour Plc, Union Bank Plc, NAHCO Plc
In the week just ended, sustained feeble bargain and growing profit taking was observed across the major sectors as market sentiments remained negative, mainly towards big and medium CAP stocks. However, there exist sustained and growing bargain drives in a few active sectors while sustained moderate sell tendency extends to more unattractive sectors.
To date, the indecisive posture of the market remains high, alongside a renewed growing activity level as sideline attendants appeared to take cautious positions subtly, yet remain a significant feature.
Prescription and the likely expectation in the coming periods: The position of the All Share Index (ASI) is still within the overbought range, indicating the possibility of extending price correction as most of the active and value stocks are still trading within overbought region. Meanwhile the chance of a sustained moderate volatility in the coming weeks has increased as invetors are likely to be more cautious amid sustained speculative trading - a pointer to further market price volatility.
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