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Equity Market Report - 21st January, 2021
(Source: Vetiva Research, Date: 21-Jan-2021)
Daily Equity Market Report, 
21st January, 2021

From the trader's desk...

The domestic bourse could not hold on to yesterday's positive close, as the ASI shed 12bps to close lower at 41,099.15 points. The negative close for the day resulted from declines in a number of mid/large cap stocks, some of which include; DANGSUGAR (-98bps), DANGCEM (-21bps), GUARANTY (-15bps) and MTNN (-12bps). However, despite the bearish performance recorded today, WAPCO (+547bps), ARDOVA (+354bps) and ZENITHBANK (+57bps) all closed in the green. Improving from the 649.65mn units and ₦4.61bn recorded yesterday, the total volume and value traded for the day increased by 72.61% and 38.72% respectively, while GUARANTY, ZENITHBANK and WAPCO emerged as the top traded stocks by value. Investors' confidence as measured by the market breadth closed in the red at 0.28x, as 14 stocks advanced while 50 stocks recorded price depreciation.                   
For a breakdown of stock performances, please see the pricelist.

What will shape the market tomorrow?
With losses recorded in all sectors, except for the Industrial goods sector
(+0.27%), which benefited from the 547bps rise in the share price of WAPCO, the ASI was unable to sustain yesterday's gain. We expect tomorrow's session to be mixed as continued bargain hunting is anticipated in some fundamentally sound names, while an extension of profit taking action is expected in others (especially in the Insurance sector given recent rally).               

Stocks to Watch
On the Bid Cart: WAPCO ended today's session as one of the best performing stock, posting a gain of
547bps to close at ₦27.95. The positive performance was supported by a large volume transaction, with the Industrial goods counter trading about 22.70mn units at an average price of ₦27.39. With the 547bps gain recorded today, its YTD return increased to +32.78%.               

On the Offer Cart: Following about four consecutive sessions of outperforming other sectors, the Insurance sector closed today's session deep in the red, posting a loss of 6.90% d/d. The downward slope resulted from profit taking in some of the counters which rallied in the last few sessions. As such, we saw a negative close in PRESTIGE (-10.00%), MANSARD (-980bps), WAPIC (-972bps), REGALINS (-952bps), AIICO (-943bps), NIGERINS (-909bps) and LASACO (-862bps) among others. 
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