Equity Market Report - 30 September, 2019

Equity Market Report - 30 September, 2019
(Source: Vetiva Research, Date: 30-Sep-2019)

Daily Equity Market Report,
30th September, 2019

From the trader's desk..

Starting the week on a negative note, the ASI declined 16bps (late gains in TOTAL +792bps and NESTLE +371bps softened losses from -190bps to -16bps) to close the last trading session in September lower at 27,630.56bps (-12.09% YTD). The domestic market traded below its opening point for most part of the day, underpinned by depletion in ETI (-955bps), UNILEVER (-793bps), MTNN (-404bps), OANDO (-234bps) and UBA (-81bps). Conversely, volume and value traded rose 4.12% and 43.97% respectively, with GUARANTY, NESTLE and ACCESS accounting for 52.94%, 13.25% and 12.57% of total turnover. However, market breadth (1.00x) closed flat with 18 advances and 18 declines.

For a breakdown of stock performances, please see the pricelist.

What will shape the market tomorrow?
In spite of the late gains in TOTAL and SEPLAT the domestic bourse closed the last trading session in Q3'19 in the red as sellers took profit on gains made last week. On the other hand, the ASI gained 0.38% in September, in a mixed month filled with bargain hunting and profit taking actions in bellwether stocks. However, we expect a bit of sell pressure in counters that gained today, in the next trading session, upon resumption from the independence day break on.

Stocks to Watch
On the Bid Cart: CAP gained 989bps in today's session, emerging as the best performing stock for the day to close at ₦25.55. CAP opened today's trading session at its lowest price in 5 years (₦23.25) leading to bargain hunting in the counter. The industrial stock subsequently trades at a 53.16% discount to its five-year high of ₦53.91.

On the Offer Cart: JOHNHOLT closed the day as the worst performing stock for the day, dipping 984bps to settle at ₦0.55. A single trade of 250k units ensured the counter closed at its lowest price for the day. Interestingly, JOHNHOLT has shown resistance in the persistent bearish market, recording a 25.00% YTD return.

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Equity Market Report - 30 September, 2019 (Source: Vetiva Research, Date: 30-Sep-2019)

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Equity Market Report - 30 September, 2019
(Source: Vetiva Research, Date: 30-Sep-2019)