Daily Equity Market Report,
17th March, 2021
From the trader's desk...
The Nigerian equities market saw a mixed trading session today as FIDELITYBK (-179bps), GUARANTY (-175bps) and FBNH (-137bps) declined further while investors cherry picked OANDO (+967bps), ZENITHBANK (+99bps) and SEPLAT (+92bps). As a result, the ASI lost 4bps to end the day at 38,706.13 points. Similarly, market activities for the day slowed a bit as total volume and value traded slumped 19.68% and 36.35% respectively while GUARANTY, ZENITHBANK and SEPLAT emerged as the top traded stocks by value. Also, market breadth closed flat for the day, as a total 12 advancers and decliners emerged.
For a breakdown of stock performances, please see the pricelist.
What will shape the market tomorrow?
The ASI returned to the negative territory, as losses in the Insurance (-1.03%), Banking (-0.42%) and Consumer goods (-0.02%) sectors offset the upward movement in the Oil & Gas (1.27%) sector. In the absence of any positive event capable of lifting investors sentiment, we expect the bearish performance to filter into tomorrow's session.
Stocks to Watch
On the Bid Cart: WAPIC led the other gainers for the day, posting a gain of 10.00% to close at its intra-day maximum price of ₦0.55. With the 909bps loss recorded yesterday, investors took advantage of the decline, thereby taking position in the Insurance counter today. As a result of today's gain, its YTD performance improved to +37.50%.
On the Offer Cart: The Banking sector maintained yesterday's downward slope as a number of investors continued to sell down their positions. Due to losses in FIDELITYBK (-179bps), GUARANTY (-175bps), WEMABANK (-167bps), FBNH (-137bps) and FCMB (-35bps) among others, it lost 0.42% d/d while its YTD performance worsened to -14.39%.
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