People have made money buying or selling these stocks

As we enter into the second month of the third quarter of the year, the Nigerian Stock Market is down 4.2% Year to date (YTD). The month of July closed at about -4.29% as the bears continue to dominate market proceedings.

A lot has been said about what could be causing the bearish sentiments however, there is still a lot of money being made, perhaps by a small band of retail and institutional investors.

Currently, there are about 10 stocks that have returned 50% and above YTD and as things stand, they are still gaining. Here is a list of these stocks;

Are they still a buy?

While it’s too early to judge, trading in the first three days of August provide some mixed reviews. For example, CCNN did very well in July but has started August down by about 8%. Cutix Plc which has been riding high on the back of its planned bonus issue has also lost about 3%.

NEM Insurance, faced with a scramble for the stock by majority shareholders has been flat this month. Beta Glass, on the other hand, is up 2.3% after starting the month on a blistering return of about 12%.

The instigators

So what are the factors instigating the surge in their share price? We tried to explain this in the table below;