2008 Peak Turns Support, As Positive Sentiments For Blue-chips Push NGXASI To New High

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The nation’s stock market recorded another bullish week and month as investors’ buying interest and positive momentum continued in the face of mixed macroeconomic indices and high volatility on the back of the merger news and schemes of sister companies- Dangote Sugar Refinery, Nascon and Dangote Rice Limited. There is also the renewed position taking in banking stocks, judging by the performance of Fidelity Bank as shown in the surprised interim dividend of 25 kobo. This was followed by the impressive half-year score-card of GTCO with impressive earnings and the 50 kobo interim dividend. There was buying interest in other stocks like Transcorp, Dangote Cement, Seplat, Lafarge Africa, among others, which supported the uptrend, even when the broader market still remains grossly undervalued to reveal high upside potentials to guide trading and investing decisions by market players.
Portfolio diversification is a product or idea of brokers to create guesswork and, at the same keep collecting transaction charges from their clients. So, there is this saying that you diversify your portfolio and you should not put your all eggs in one basket has remained in the mind of today’s investors and traders. What matters is, what is in the basket, you can choose one or two stocks and hold for the rest of your life. Proper thinking can help, by effectively combining your fundamental, technical and sentiment analysis in picking profitable stocks:

NGXASI Weekly Chart (opening chart)

NGXBank Weekly