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Equity Market Report - 15 January, 2020
(Source: Vetiva Research, Date: 15-Jan-2020)

Daily Equity Market Report,
15th January, 2020


From the trader's desk...

The ASI extended yesterday's negative performance into today's session, losing 75bps to settle at 29,062.50bps as a result of continued profit taking in ETI (-769bps), MTNN (-298bps) and ACCESS (-286bps) among others. The index fell below 29,000bps at mid-day, however late recoveries in UBA (+303bps) and GUARANTY (+63bps) pushed the index back marginally above 29,000.00bps, though the YTD return dropped to +8.27% from the +9.09% recorded yesterday. Total volume and value traded for the day also reduced by 46.00% and 56.49% respectively from 666.78mn units and ₦6.52bn respectively to 360.08mn units and ₦2.83bn. Market breadth once again closed negative at 0.69x with 11 advances against 16 decliners.

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



What will shape the market tomorrow?
All sectors closed in the red save for the Insurance sector which gained 0.33% due to capital appreciation in CORNERST (+943bps) and CHIPLC (+263bps). With most key indicators still pointing towards weak investor sentiment and profit-taking inclinations, we expect the ASI to extend its bearish performance into tomorrow's session.

Stocks to Watch
On the Bid Cart: BETAGLAS (+10.00%) continued its recent upward trend, extending yesterday's gains (where it gained 967bps) to close at ₦64.90. The counter has climbed 20.63% so far in 2020 but trades at a 17.85% discount from its 52-week high price of ₦79.00.  



On the Offer Cart: SOVRENINS emerged as the worst performing stock for the day, recording a decline of 909bps to close at ₦0.20. The shares of the insurance company rose to ₦0.22 on Friday, however profit taking in today's session returned the counter to its nominal price of ₦0.20 (the lowest trading price of any stock listed on the NSE).




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