Equity Market Report - 25 November, 2019 (Source: InfoWARE, Date: 25-Nov-2019)

Daily Equity Market Report,
25th November, 2019

From the trader's desk..

Gains in DANGSUGAR (+824bps), NESTLE (+612bps) and GUARANTY (+68bps) mitigated the impact of losses recorded in OKOMUOIL (-973bps), FBNH (-733bps) and ACCESS (-249bps) as the ASI opened the week on a positive note, with the broader index rising 16bps to close at 27,035.78bps. Similarly, the index which opened at 26,991.42bps crossed 27,000.00bps for the first time since it fell below that threshold on the 3rd of October 2019, thus establishing the recent bullish trend. Total volume and value traded for the day rose higher by 11.29% and 13.06% respectively while trades in ZENITHBANK, GUARANTY and NESTLE accounted for 77.16% of total turnover for the day. Equivalently, market breadth for the day closed positive at 1.25x, with 20 gains against 16 declines.

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

What will shape the market tomorrow?
The domestic market experienced some profit taking today as investors sold off some counters that recorded capital appreciation last week. However, positive price movement in the Consumer Goods sector reduced the impact of losses recorded in the Banking and Oil and Gas sectors. While we expect investors to continue to sell down some of the counters that have moved higher recently, we expect position taking in other counters that are yet to enjoy patronage. 

Stocks to Watch
On the Bid Cart: NESTLE extended gains from positive investor sentiment, recording a 612bps uptick in today's session (Closing price: ₦1,300.00). The counter has risen over 13.00% in the last 2 sessions, thereby reducing its YTD loss to 12.46%. However, the shares of the food producing company still trade at a 19.61% discount to its year high price of ₦1,617.10.

On the Offer Cart: After coming in as the best performing stock on Friday, with a gain 10.00%, investors took profit on some of the gains recorded in OKOMUOIL last week, as the stock declined 973bps today closing the session as the worst performing stock (Closing price: ₦49.65). The counter has now lost 34.84% of its value YTD (PRESCO: -40.86%; Consumer Goods sector: -29.01% YTD).

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