Equity Market Report - 16 January, 2020

Equity Market Report - 16 January, 2020
(Source: Vetiva Research, Date: 16-Jan-2020)

Daily Equity Market Report,
16th January, 2020

From the trader's desk...

There was respite for the market today as the ASI closed up by 100bps in today's session. The uptrend was supported by gains in FO(+842bps), WAPCO(+633bps), FBNH(+571bps) among others. The index sustained its position above 29,000 point mark today despite the late loss in BUACEMENT(-526bps). All major subsectors advanced today except the Industrial goods. The banking subsector lead the pack, gaining 219bps while the NSEINDSTR shed 154bps. Volume and value traded today increased by 7.5% and 77.0% respectively while market breadth was also positive with 23 gainers and 16 laggards.

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

What will shape the market tomorrow?
It was a generally positive session today, dominated by mild bargain hunting by investors in the banking names and also on the two most capitalized stocks. Prices of MTNN(+207bps) and DANGCEM(+294bps) came in positive as investors took position in the two names. We foresee a mixed session tomorrow with investors trading both ways.

Stocks to Watch
On the Bid Cart: FO (+842bps) closed as one of the highest gainers today only behind LIVESTOCK(+10.00%). The downstream petroleum marketing company closed at ₦20.60 which is the highest it has traded since July 22, 2019. While the stock is trading at a premium to the opening price of the year (₦18.10), its trading at a significant discount to its 52 week high price of ₦35.30.

On the Offer Cart: BUACEMENT was one of the worst performing stock in today's session. BUACEMENT (formed from a merger of CCNN and OBU Cement) which has only traded for five trading days after its listing lost 526bps (₦36.00). The third most capitalized stock is presently trading closer to its year low price of ₦34.65 than its year high price of ₦41.00. We see potential for the stock as the government begins to carry out capital/infrastructural projects.

Equity Market Report - 16 January, 2020 | InfoWARE Finance

₦98,703.68

ASI

₦3,652.36

NGX30

₦857.99

NGXBNK

₦1,575.67

NGXCNSMRGDS

₦1,263.88

NGXOILGAS

₦9,832.79

NGXPREMIUM

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Equity Market Report - 16 January, 2020 (Source: Vetiva Research, Date: 16-Jan-2020)

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Equity Market Report - 16 January, 2020
(Source: Vetiva Research, Date: 16-Jan-2020)