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Equity Market Report - 14th January, 2021
(Source: Vetiva Research, Date: 14-Jan-2021)
Daily Equity Market Report, 
14th January, 2021

From the trader's desk...


The Nigerian equity market posted a positive daily return, advancing 154bps to close the session at 40,963.14 points. Among others, the bullish momentum was largely sustained by gains in ARDOVA (+925bps), SEPLAT (+876bps), WAPCO (+398bps) and DANGCEM (+304bps), while the decliner's table was majorly dominated by the small cap stocks. Similarly, against the downward slope plotted yesterday, activity levels for the day saw a significant improvement as the total volume and value traded increased by 72.82% and 27.88% respectively, while GUARANTY, WAPCO and ZENITHBANK emerged as the top traded stocks by value. Meanwhile, market breadth stayed positive, closing at 6.86x as a total of 48 stocks closed in the green, against 7 stocks which closed in the red.               
                        
For a breakdown of stock performances, please see the pricelist.


           
What will shape the market tomorrow?
Following four consecutive sessions of closing in the green, we expect the market to close the week on a very bullish note, as the domestic bourse continues to move higher amidst dominance by the Bulls. However, with the index now trading in the overbought region of the 14 day RSI, the possibility of profit taking cannot be overruled.          


Stocks to Watch
On the Bid Cart: The Oil & Gas sector maintained its bullish run, closing today's session up by
4.59% (just behind the Insurance sector: +5.10%), while its YTD return increased further to +22.03%. The sector rode mainly on the back of gains in ARDOVA (+925bps), SEPLAT (+876bps) and ETERNA (+57bps).          



On the Offer Cart: In spite of the bullish performances posted by a number of mid/large cap stocks, the small cap stocks on the other hand were negatively patronized, as such dominated the laggard's table. Leading the pack are; COURTIVILLE (-833bps), NEIMETH (-636bps), UNIONDAC (-313bps), JAIZBANK (-278bps), JOHNHOLT (-196bps) and NAHCO (-175bps)
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