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Equity Market Report - 08 January, 2020 | InfoWARE Finance

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  • Equity Market Report - 08 January, 2020 | InfoWARE Finance
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Equity Market Report - 08 January, 2020
(Source: Vetiva Research, Date: 08-Jan-2020)

Daily Equity Market Report,
8th January, 2020

From the trader's desk...

The Nigerian Equities Market sustained its bullish trend having gained all sessions so far in 2020. Following price increases in FBNH (+10.00%), DANGCEM (+933bps), and WAPCO (+569bps) among others, the ASI closed deep in the green gaining +354bps (the last  similar performance was seen in May 2019, where the index gained 3.68%) to settle the day at 28,562.48. Similarly, activity level for the day increased significantly as traded volume elevated by 66.21% to 741m units for the day while total value traded rose by 58.36% to  ₦9.22bn. ZENITHBANK, UBA and MTNN were the most traded stocks by value, as they accounted for c.49.00% of total market turnover. There were 37 gainers today against 11 decliners as market breadth closed positive at (3.36x).

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



What will shape the market tomorrow?
The bullish performance persisted at the domestic bourse as investors continued to take positions in attractive tickers. With major indicators (positive market breadth, increased market activity as well as all sectors closing higher) coming in positive, we expect no deviation from this bullish trend tomorrow though we anticipate mild profit taking action.

Stocks to Watch
On the Bid Cart: FBNH closed the day fully bidded at ₦7.70, 10.00% above its opening price of ₦7.00. The counter remained the best performer among the tier one banking stocks, pegging its YTD return at 25.20% (ACCESS: +16.00%; GUARANTY: +5.22%; UBA: +23.78%; ZENITHBANK: +17.20% YTD). 



On the Offer Cart: TRIPPLEG was dominated by trades on the sell side in today's session dropping 937bps of its opening market value settling at ₦0.58. The counter traded 524k units with most trades occurring at the offer side. TRIPPLEG's YTD performance is now pegged at -9.38%.




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