Mid-Week: UBA records 65% YTD appreciation amid weak optimism on the bourse

Sustained value investing was observed on the Nigeria bourse as investors continued to avert risk in the face of sustained speculative tendency while more value stocks consolidate on their new support levels amid growing volatility in the market

Mid-week analysis revealed risk-aversion/cautious trend in the market as investors increased patronage towards medium and high priced stocks while bargain posture appeared weak amid flat market breadth- a true reflection of weakened optimism.

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110712 NSE ASI resumes northwards movement; inches up by +0.60%.

The bulls re-surfaced on the Nigerian bourse to dominate market activities just as bargain activities significantly outweighed sell pressure amid increased market turnover and negative market breadth while market sentiments remain relatively weak in short term.

Nevertheless, the key benchmark indices resumed uptrend as sentiments turned positive, taking supports majorly from Large CAP stock which was particularly driven by ZENITHBANK while Medium CAP stocks also contributed to the outlook recorded today due to bargain activities witnessed in Conglomerates, Financial Services and Oil & Gas sectors.

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