Equity Market Report - 17 February, 2020 | InfoWARE Finance
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Equity Market Report - 17 February, 2020
(Source: Vetiva Research, Date: 17-Feb-2020)
17th February, 2020
From the trader's desk...
The domestic bourse kick started the new week with a negative performance as price depreciation in ETI (-857bps), GUARANTY (-301bps) and BUACEMENT (-223bps) among others depressed the index by another 67bps to close the day at 27,570.94bps. However, market activity for the day improved slightly when compared to the previous session, as volume and value traded increased by 1.58% and 23.76% respectively (1.34mn units vs 132.51mn units) and (₦1.58bn vs ₦1.29bn previously traded). Market breadth (0.61x) for the day likewise closed negative as 11 gainers emerged against 18 decliners.
For a breakdown of stock performances, please see the pricelist.
What will shape the market tomorrow?
The ASI traded below its opening point for most of the session, driven by declines across major sub-sectors and weak investor sentiment. With most sectors closing in the red and market breadth closing negative, we expect no deviation from this trading pattern tomorrow though possibility of bargain hunting thus exist as a result of recent declines recorded.
Stocks to Watch
On the Bid Cart: In a relatively bearish session which saw no mid/large cap stocks among the top gainers, JAIZBANK emerged as the highest gainer, increasing by 625bps to close at ₦0.68. The shares of the banking firm rose over 120.00% (from ₦0.34 to ₦0.78) within the last 5 months of 2019 before stabilizing its position between the band of ₦0.62 and ₦0.75. However the ticker is yet to experience such patronage in 2020, with its YTD performance printing +9.68%.
On the Offer Cart: Amid bearish and weak market sentiment lingering around the domestic bourse, major mid/large cap stocks such as ETI (-857bps), GUARANTY (-301bps), WAPCO (-258bps) BUACEMENT (-223bps) and ZENITHBANK (-25bps) all closed south.
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