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Equity Market Report - 22nd January, 2021
(Source: Vetiva Research, Date: 22-Jan-2021)
Daily Equity Market Report, 
22nd January, 2021

From the trader's desk...


The domestic bourse extended yesterday's bearish performance into today's session, closing the last trading session of the week lower at 41,001.99 points (24bps lower than its previous close). In spite of the gains in FLOURMILL (+127bps), GUARANTY (+30bps) and ZENITHBANK (+19bps), the ASI settled in the red, majorly due to losses in WAPCO (-698bps), UBA (-279bps) and ACCESS (-108bps) among others. Maintaining its downward slope, market activity again closed lower, as the total volume and value traded reduced by 47.26% and 20.72% respectively. With losses recorded in four of the five trading sessions of the week, the Nigerian equity market lost 0.42% WoW while the YTD performance settled at +1.82%. Also, with the Bears controlling most of the trading sessions during the week, all sectors closed the week lower, with the Banking sector (-1.33% WoW) topping the losers table, while the Consumer goods sector printed the least decline of -0.09% WoW.                   
                        
For a breakdown of stock performances, please see the pricelist.


           
What will shape the market tomorrow?
With a number of mid/large cap stocks closing the previous week deep in the green, the domestic bourse recorded a bearish performance during the week, owning to profit taking actions by investors. However, given that most fundamentally sound counters remain below their target prices, coupled with the unattractive yields in the Fixed Income market, we expect the market to return to the positive region in the coming week.                


Stocks to Watch
On the Bid Cart: NCR topped the gainers table for the day, recording a gain of
986bps to close at its intra-day maximum price of ₦3.12. Just like some other small cap stocks, the counter has had a remarkable performance in the year, posting a gain of 59.18% YTD, while also trading just 6.00% below its 52 week high price of ₦3.31.                



On the Offer Cart: With the presence of profit takers/ short term players in the market, WAPCO could not hold on to yesterday's gain, ending today's session down by 698bps to close at ₦26.00. However, regardless of today's downward movement, the Industrial goods ticker has gained 23.52% YTD while outperforming its peers such as (JBERGER: +6.18% YTD; BUACEMENT: +2.13% YTD and DANGCEM: -4.45% YTD). 
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