Stocks post impressive week led by Banks   


Sep 21 (Lagos) - Stocks closed higher by 0.81% last week including 0.25% gain of Friday. The gains came from banking sector with UBA , FBNH although the latter fell almost 10% on Friday due to profit taking. 


The stock that continues to impress is OANDO which is up 7-8X in less than 2-3 months, its the kind of rally its die-hard shareholders predicted for many years and has finally come true for them. Such gains are truly life changing for those shareholders who bought this in single digits ignoring all the noise related to its court cases and other negative news. The stock took a breather this week and that's healthy for a stock that got so heated in such a short period of time that its making the TRANSCORP rally of last year seem like it was fake especially since that stock has sold off heavy since the start of this year. 


Truly golden are those that rode the TRANSCORP rally last year, sold and entered OANDO earlier this year. Anyone who did that can safely be termed as a 'genius' a 'guru' and a 'GOAT'. 


Last weeks' Gains in GEREGU, MTNN, and FIDELITYBK countered profit-taking in OANDO and FBNH. CAVERTON, GEREGU, and FLOURMILL hit new highs, while 16.1 million units of DANGCEM were traded off-market. Fidson Healthcare sealed a major partnership with Chinese firms, boosting investor sentiment


Next week we can expect a cautious approach as the MPC meeting is upon as and everyone's will be watching what interest rate moves the CBN's monetary policy committee has in store for all of us. The US Federal Reserve cut its key lending rate by 0.5% last week so will the CBN follow suit? 


reporting for easykobo.com on Saturday, Sep 21 2024 from Lagos, Nigeria
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