Dipo Olowookere
By Dipo Olowookere
Investors in Nigerian equities have been advised to sell shares of Dangote Cement and MTN Nigeria in their investment portfolios.
This advice was given by a notable brokerage company in Nigeria, Morgan Capital, which is registered with the Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange (NSE).
In a note to investors on Thursday, the firm noted that explained that it gave this sell recommendation based on the fact that the stocks have reached prices that could have yielded a favourable return on investment this year.
For example, the share price of MTN Nigeria, which closed yesterday at N140 per unit, has done a year-to-date gain of 23.91 per cent, according to Morgan Capital.
On its part, Dangote Cement, which has done a 52-week range of N116 to N180, has recorded a YtD return of 5.33 per cent after closing yesterday at N150 each.
Business Post reports that at the close of business on Thursday, MTN Nigeria was the highest price gainer after appreciating by N2 yesterday. The share price of the telco had dropped as low as N90 each this year. This was during the early part of 2020 when there was uncertainty about the market as a result of the global pandemic caused by COVID-19.
MTN Nigeria is the most capitalised stock on the exchange with an aggregate value of N2.8 trillion and is followed by Dangote Cement, which has an aggregate value of N2.6 trillion.
