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Equity Market Report - 8th March, 2021
(Source: Vetiva Research, Date: 08-Mar-2021)

Daily Equity Market Report, 
8th March, 2021

From the trader's desk...

Following four consecutive sessions of closing in the red, the Nigerian equities market started the new week on a positive note, as the ASI advanced by 17bps d/d to close at 39,396.57 points. The index benefited from gains in ARDOVA (+10.00%), WAPCO (+766bps), ACCESS (+256bps) and UBA (+63bps), while mitigating the effect of losses in INTBREW (-180bps) and ZENITHBANK (-158bps). However, void of any significant cross deals as seen in SEPLAT in the previous session, activity levels took a major hit as the total volume and value traded declined by 49.42% and 76.83% respectively, while ZENITHBANK, STANBIC and FBNH emerged as the top traded stocks by value. Improving from the negative performances posted last week, market breadth closed positive at 1.79x as a total of 25 stocks settled higher, in contrast to 14 stocks which closed in the red.                                                
For a breakdown of stock performances, please see the pricelist.

What will shape the market tomorrow?
With a number of bellwether stocks trading at cheap valuations, coupled with the attractive dividend yield of some dividend paying stocks, savvy investors cherry picked attractive counter across sectors, leading to a positive close in all sectors except for the Consumer goods sector which declined
0.06% d/d. Although, the ASI ended the day in the green, we believe the persistent rise of yields in the Fixed Income market would continue to pose a threat in the short term.                                               

Stocks to Watch
On the Bid Cart: Recovering from the significant loss of 785bps posted on Friday, investors scrambled for position in ARDOVA today, with the Oil & Gas stock posting a gain of
10.00% to settle at its intra-day limit up price of ₦14.85. Due to today's gain, the counter's YTD return improved to +9.59% (vs -0.37% posted in the previous session).                                             

On the Offer Cart: With a number of investors taking advantage of low prices of major mid cap stocks today, the small cap stocks were negatively patronized as counters such as MEYER (-10.00%), LIVESTOCK (-987bps), SCOA (-985bps), IKEJAHOTEL (-948bps), NEM (-688bps), FIDELITY (-609bps), UCAP (-438bps), ROYALEX (-400bps) and MANSARD (-100bps) dominated the laggards table.                                          
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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Any ratings, forecasts, estimates and opinions set forth in this report constitute the analyst(s)' position as at the date and time of this report and may not necessarily be so after the report date and time, as they are subject to change without notice. It is also instructive to note that a company's past performance is not necessarily indicative of its future performance as estimates are based on assumptions that may or may not be realized. The value, price or income from investments mentioned in this report may fall, as well as rise, due to economic conditions, industry cycles, market indices, operational or financial conditions of companies or other factors. Thus, Vetiva and its officers and employees shall not accept liability for any loss arising from the use of this report or its contents in making investment decisions or recommendations.
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