Equity Market Report - 26 February, 2020 (Source: InfoWARE, Date: 26-Feb-2020)
Daily Equity Market Report,
26th February, 2020


From the trader's desk...
The ASI could not be saved from another bearish performance despite the late resurgence in UBA
(+438bps), BUACEMENT (+348bps) and GUARANTY (+75bps). The index lost 22bps to close at 26,974.38 majorly due to declines in ETI (-385bps) and MTNN (-345bps). Activity level for the day at the local bourse likewise slowed as total volume and value traded decreased by 5.52% and 22.98% respectively even as trades in ZENITHBANK, DANGCEM and UBA accounted for over 60.00% of market turnover. Market breadth remained negative at 0.69x though better than the 0.38x recorded yesterday, as 11 stocks gained while 16 declined.
 
For a breakdown of stock performances, please see the pricelist.



What will shape the market tomorrow?
The Nigerian equities market again traded in line with other major global indices as the impact of Covid-19 continued to roil the global market. However, with market breadth coming in higher than what we've seen so far this week and buying interest in some mid/large cap stocks, we expect the market to trade upward tomorrow barring significant declines in major large cap stocks. 

 
Stocks to Watch
On the Bid Cart: Despite trading lower for most of the session, UBA just behind EKOCORP
(+577bps), FCMB (+629bps) and HONEYWELL (+937bps), moved higher by 438bps to ₦7.15 due to buying interest towards market close. Just like its Tier one peers such as ACCESS (-10.89% YTD), FBNH (-16.92% YTD) and GUARANTY (-7.53bps YTD), UBA has not been spared from the persistent bearish trend in February, declining 19.66% from its year high price of ₦8.90 and 0.69% from its year opening price of ₦7.20.  



On the Offer Cart: VIATAFOAM recorded the highest decline in today's session, shedding 998bps of its value to close at ₦4.06. The counter was negatively patronized today as most of its trades occurred at the offer side while increasing its loss to date to -13.62%.




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