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Equity Market Report - 26th January, 2021
(Source: Vetiva Research, Date: 26-Jan-2021)
Daily Equity Market Report, 
26th January, 2021

From the trader's desk...

Undeterred by the significant drop in the price of SEPLAT (-926bps) as well as losses in ZENITHBANK (-94bps) and UACN (-61bps), the domestic bourse hung on to yesterday's positive performance, rising 121bps to 41,584.94 points. The impressive performance resulted from gains in the two telecommunication giants; AIRTELAFRI (+760bps) and MTNN (+53bps) while FLOURMILL (+625bps) and WAPCO (+377bps) were also positively patronized. As against the downward slope plotted in the last two sessions, activity levels for the day improved significantly as the total volume and value traded increased by 40.68% and 110.80% respectively (thanks to trades in AIRTELAFRI, ZENITHBANK and DANGCEM which contributed about 40.00% of the total turnover). Similarly, market breadth improved from the 0.66x recorded in the previous session to 1.68x, courtesy of 32 gainers against 19 decliners.                     
For a breakdown of stock performances, please see the pricelist.

What will shape the market tomorrow?
The domestic market again benefited from the gains posted by major large cap stocks such as AIRTELAFRI
(+760bps) and MTNN (+53bps), while reducing the effect of losses in the Oil & Gas (-5.31%) and Banking (-14bps) sectors. With the latest decision of the Monetary policy Committee to retain all policy parameters in the first meeting for the year, we expect the equity market to continue to be positively patronized in the short term, as investors' continue to channel funds to attractive counters while seeking alpha returns.                  

Stocks to Watch
On the Bid Cart: FLOURMILL closed as one of the top gainers in today's session, posting a gain of
625bps to end the day at ₦34.00. The positive performance can be largely attributed to positive reactions to its recently released nine months 20 results where its Revenue and PAT increased by 31.13% YoY and 90.94% YoY respectively, while its EPS for the period increased to ₦385kobo (vs ₦184kobo posted in the preceding period).                  

On the Offer Cart: JAPAULGOLD maintained its bearish performance, closing deep in the red at ₦0.78 (930bps below its opening price for the day). Since trading its year high price of ₦1.67 on the 18th of January, the counter has been largely affected by profit taking actions, trading 53.29% below its year high price, while its YTD return reduced to +14.71% (vs +108.82% posted on the 18th of January). 
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