Equity Market Report - 22 January, 2020 (Source: InfoWARE, Date: 22-Jan-2020)

Daily Equity Market Report,
22nd January, 2020

From the trader's desk...

In spite of the recoveries reported in UBA (+294bps), BUACEMENT (+151bps) and ACCESS (+50bps), the index fell marginally by 2bps to 29,458.21. Losses recorded in the two most capitalized stocks MTNN (-23bps) and DANGCEM (-12bps) reduced the impact of gains made. Meanwhile, the domestic bourse continued with its mixed trading pattern today, as total value traded dipped marginally by 1.97% from ₦3.71bn traded yesterday to ₦3.63bn while total volume traded was up by 15.70% from 272.84m units previously traded to 315.67mn. A total of 14 stocks gained in today's session while 18 declined as market breadth closed negative at 0.78x.

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

What will shape the market tomorrow?
Losses in the two most capitalized stocks ensured the index closed in the red in spite of the capital appreciation experienced in the Insurance, Oil & Gas, Insurance and Banking sectors. Performance is expected to trade sideways tomorrow in the absence of massive declines in heavyweight stocks.

Stocks to Watch
On the Bid Cart: LAWUNION gained 10.00% today to close at its intra-day high price of ₦0.66. The counter has been positively patronized this year, printing a 32.00% YTD gain just behind AIICO (+60.00%). However in spite of its bullish trend, LAWUNION trades at a 7.04% discount to its 52 week high price of ₦0.71 and 35.29% to its 5 year high price of ₦1.02.

On the Offer Cart: JBERGER led the other 17 decliners for the day, closing 676bps below its opening price to settle at ₦20.00. The shares of the engineering company traded a total of c.608k units with most trades occurring at the lower end. JBERGER has however gained 0.50% YTD.      

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