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Equity Market Report - 10 January, 2020 | InfoWARE Finance

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  • Equity Market Report - 10 January, 2020 | InfoWARE Finance
-1.18% trending_down
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-0.83% trending_down
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Equity Market Report - 10 January, 2020
(Source: Vetiva Research, Date: 10-Jan-2020)

Daily Equity Market Report,
10th January, 2020

From the trader's desk...

Following late advancement in OKOMUOIL (+10.00%), BUACEMENT (+663bps) and GUINNESS (+50bps) the ASI closed the last trading session of the week marginally up by 7bps while settling at 29,415.39bps. The late resurgence was able to mitigate the impact of declines in GUARANTY (-184bps), DANGCEM (-171bps) and ACCESS (-137bps). Transaction size for the day once again dipped with total volume and value declining 59.48% and 35.32% respectively with trades in ZENITHBANK, MTNN and FLOURMILL accounted for c.35.00% of total turnover. The domestic bourse however had a bullish week as the ASI closed in the green in all five trading sessions, the index gained 9.07% WTD.

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



What will shape the market tomorrow?
The ASI which traded below its opening point for most of today's session was once again saved by late gains in large cap stocks as the bullish trend cooled off. With a continued bullish performance recorded all through this week, we expect profit taking to drive the index south at week open, barring positive movements in heavyweight stocks.

Stocks to Watch
On the Bid Cart: OKOMUOIL closed as the highest gainer by percentage, moving higher by 10.00% to close at its intra-day maximum price of ₦66.00. Just like PRESCO, the counter has experienced positive sentiment so far this year, trading at a premium of 18.71% to its year opening price of ₦55.60 (PRESCO: +19.79% YTD). 



On the Offer Cart: DANGCEM lost 171bps of the gains recorded recently, closing down to ₦172.00. The shares of the cement producing company experienced a significant spike in the last few sessions amid speculations around the share buyback scheme to be embarked on by its management. The company's YTD performance however reduced from the 23.23% reported yesterday to +21.13% as a result of profit taking today.




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