The equities market rose significantly by 3.07%or 927.01 points to end the session at 31,145.15. We observed that it was the highest single day gain since December 2018 while index also ended near two-month high.

Two things are noteworthy in this recent market trajectory:

Firstly, intense negative sentiments pressured a number of bellwether counters near their 52-week lows while others even recorded new lows. Top on the list were ZENITHBANK, GUARANTY, NESTLE, ACCESS and UBA. However, MorganCapital Research cannot over emphasis the opportunity of taking position in these stocks.

Secondly, the contest between DANGCEM and MTNN for market supremacy took a turn today as the two equity market leading stocks gained about 10% each which kept the bourse elevated even amid worsened market breadth. Therefore, we advise investors to trade the new bride with caution so as not to be trapped in the bull run.

That being said, sentiment was mixed in other liquid counters. Positive interest was renewed in VITAFOAM, GLAXOSMITH, UACN and CUSTODIAN while the bulls drove THOMASWY, UPL and CADBURY further uptrends. Dissimilarly, sell pressure further depressed JAPAULOIL, UCAP, LIVESTOCK and UBA while investors withdrew position in COURTVILLE, AFRIDPRUD, TANSCORP and GUARANTY.

SOURCE: Morgan Capital Research