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

Daily Equity Market Report, 
22nd February, 2021

From the trader's desk...

Starting off from its negative close in the previous week, the domestic bourse closed the first trading session of the week marginally down by 8bps to settle at 40,154.09 points. Despite gains in STANBIC (+336bps), ZENITHBANK (+40bps) and GUARANTY (+33bps), the index settled south due to losses in WAPCO (+800bps), UNILEVER (-251bps) and ACCESS (-60bps) among others. With large trades in GUARANTY; ZENITHBANK and MTNN, total value traded for the day increased by 23.01% to ₦3.57bn, while the total volume traded for the day slipped by 5.99%, though FBNH, UCAP and GUARANTY emerged as the top traded stocks by volume. Similarly, with a total of 20 stocks closing higher, as against 25 which closed south, the equities market breadth remained negative at 0.80x.                                      
For a breakdown of stock performances, please see the pricelist.

What will shape the market tomorrow?
Void of any significant positive event capable of lifting investors' confidence, the ASI remained negative amid persistent sell pressure in major bellwether stocks. As more funds are being channelled away from the equities market into the fixed income market, we expect the bearish sentiment to persist in the short term, hence, a cautious trading strategy is recommended. However, given the significant drop in prices of a number of stocks in recent times, the possibility of a trend reversal, spurred by low prices and attractive divided yields is imminent .                                     

Stocks to Watch
On the Bid Cart: Following the significant decline recorded on Friday where its share price (STANBIC) dipped 10.00%, investors' took advantage of the price decline, thereby scrambling for position in the Banking stock today. As a result, the ticker gained
336bps d/d, while its YTD return moderated to -9.19%.                                  

On the Offer Cart: WAPCO trailed NIGERINS (-870bps), LASACO (-952bps) and AFRIPRUD (-959bps) as one of the worst performing stocks for the day. The Industrial goods stock lost 800bps today to close lower at ₦23.00. However, in spite of today's loss, its YTD return remained positive at +9.26% (BUACEMENT: -6.92% YTD; DANGCEM: -10.17% YTD).                                
Equity Dealing Desk
Vetiva Securities Limited
Plot 266B, Kofo Abayomi Street
P. O. Box 73530 Victoria Island
Tel: +234-1-4617521-3, 2700657-8; Fax: +234-1-4617524. 

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