Equity Market Report - 21 February, 2020

Equity Market Report - 21 February, 2020
(Source: Vetiva Research, Date: 21-Feb-2020)

Daily Equity Market Report,
21st February, 2020

From the trader's desk...
The local bourse could not sustain yesterday's bullish performance, dropping 65bps to close at 27,388.62. The index was largely affected by price depreciation in mid/large cap stocks such as NESTLE (-902bps), NB (-592bps), ACCESS (-309bps) and WAPCO (-127bps) among others. Meanwhile, total volume and value traded for the day closed in opposite directions, with volume traded declining by 13.15% while total value traded was up by 54.27%, courtesy of large trades in ZENITHBANK, FLOURMILL and NESTLE, accounting for 72.13% of total market turnover. Overall, the index declined by 1.32% WoW as a result of significant losses in the Consumer goods (-6.75% WoW), Banking (-2.64% WoW), Insurance (1.28% WoW) and Oil & Gas (-1.28% WoW) sectors. The Industrial sector (1.02% WoW) emerged as the lone gainer for the week, after benefiting from price appreciation in BUACEMENT (+18.51% WoW).

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

What will shape the market tomorrow?
It was another bearish week at the equities market, as ASI posted losses in four of the five trading week. The index was set for a positive performance today but was derailed by late sell down in the consumer goods sector. We envisage bargain hunting activity in some dividend paying stocks next week as investors seek to take advantage of high dividend yield environment.

Stocks to Watch
On the Bid Cart: JAIZBANK led the other 13 gainers for the day, increasing its value by 952bps to ₦0.69. The counter has enjoyed positive investor patronage in the last 5 months, trading at a 102.94% premium to its 52 week low price of ₦0.34 and just 11.54% below its 52 week high price of 0.78%.

On the Offer Cart: Stocks in the consumer goods sector continued to experience negative market sentiment as NESTLE (-902bps), UACN (-667bps) and NB (-592bps) closed among the top decliners for the day. Following the declines across board, the sector's value depreciated by 5.39% today while increasing the YTD loss to -19.66%.

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Equity Market Report - 21 February, 2020 (Source: Vetiva Research, Date: 21-Feb-2020)

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Equity Market Report - 21 February, 2020
(Source: Vetiva Research, Date: 21-Feb-2020)