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Equity Market Report - 26th February, 2021
(Source: Vetiva Research, Date: 26-Feb-2021)

Daily Equity Market Report, 
26th February, 2021

From the trader's desk...

Sustaining the bearish pattern witnessed in the last two sessions, the ASI ended the last trading day of the week down by 74bps to close at 39,799.89 points. Again, the Bears dominated the trading session, leading to declines in a number of mid/large cap stocks such as; MTNN (-328bps), WAPCO (-294bps), ZENITHBANK (-155bps) and DANGSUGAR (-55bps) among others. However, contrary to the downward slope plotted yesterday, activity levels for the day closed mixed, as the total volume traded increased by 55.54%, while the total value traded depressed by 34.22%. Just like the other weeks in February, the ASI maintained its weekly bearish run, recording a loss of 0.96% WoW, caused by losses in the Insurance (-4.94% WoW), Consumer goods (-3.17% WoW) and Industrial goods (-0.52% WoW) sectors. Also, the index plunged by 6.16% MoM, while the YTD return closed negative at -1.17%.                                          
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' sentiment, the ASI continued on its downward slope amid persistent sell pressure. With the anticipation of some corporate earnings hitting the market in the coming week, we expect the market to trade mixed, with a bit of cherry picking activities in some counters and continued sell pressure driven by the outflow of funds from the equities market to the Fixed Income market.                                         

Stocks to Watch
On the Bid Cart: Recovering from the significant losses posted in the last two sessions, LASACO ended today's session as the best performing stock, with a gain of
982bps to close at ₦1.23. The upward movement can be attributed to bargain hunting activities in the Insurance stock, which was down about 27% WoW as at yesterday. However, its YTD return remained positively strong at +251.43%.                                       

On the Offer Cart: WEMABANK could not hold on to yesterday's gain, as the Tier 2 banking stock lost 10.00% to close at its intra-day low price of ₦0.63. The counter traded a significant volume of about 305mn units today, with most of the trades occurring at the offer side (₦0.65). With today's loss, its YTD performance returned to the negative territory, to close at -8.70%.                                    
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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