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Equity Market Report - 13th January, 2021
(Source: Vetiva Research, Date: 13-Jan-2021)
Daily Equity Market Report, 
13th January, 2021

From the trader's desk...

With the continued interest in a number of mid/large cap stocks such as MOBIL (+943bps), WAPCO (+135bps) and SEPLAT (+8bps) among others, the Nigerian equity market extended its bullish run to three consecutive sessions, advancing 11bps to close at 40,341.05 points. On the other hand, some counters in the Banking sector such as; ETI (-154bps), FBNH (-68bps) and GUARANTY (-31bps) were negatively patronized, though the sector closed higher. Likewise, despite the significant crosses in MTNN and ZENITHBANK which accounted for about 50.00% of the total turnover, total value traded declined by 12.62%, while we saw a significant drop of 59.85% in the total volume traded for the day. Still on a positive run, market breadth improved further to 2.0x (vs 1.35x recorded yesterday) as 32 stocks moved upward, while 16 depreciated.               
For a breakdown of stock performances, please see the pricelist.

What will shape the market tomorrow?
With most fundamental indicators (like improving Crude Oil prices, low yields in the fixed income market, as well as a better comparative returns in the equity market) still in favor of the Nigerian equity market, we expect the Bulls to continue to dominate most of the sessions in the near term. However, the possibility of profit taking on recent gains cannot be overruled.          

Stocks to Watch
On the Bid Cart: With the persistent improvement seen in the prices of global benchmark Crude Oil, investors have continued to channel funds in fundamentally sound stocks in the Oil & Gas sector, amidst hope for better results in 2021 and thereafter. As a result, MOBIL joined the list of the beneficiaries, closing today's session up by
943bps, while its YTD return settled at +9.43%.         

On the Offer Cart: Though the Banking sector managed to close today's session up thanks to gains in ACCESS (+110bps), FCMB (+63bps) and ZENITHBANK (+39bps), the sector however saw some of its players such as ETI (-154bps), JAIZBANK (-137bps), FIDELITYBK (-74bps), FBNH (-68bps) and GUARANTY (-31bps) all closed in the red.
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