Daily Equity Market Report,
14th April, 2021
From the trader's desk...
Today the market saw another mixed session that closed marginally in the green, inching up 9bps to settle at 38,636.15 points thanks to upticks in GUINNESS (+996bps), FBNH (+203bps) and UACN (+53bps). Losses in GUARANTY (-52bps), DANGSUGAR (-60bps), and OANDO (-66bps) failed to sufficiently drag the market, but still ensured a tepid close. Meanwhile, market activity was mixed, as share trade volumes improved 33% to 278 million, whilst turnover declined 22% to ₦2.3 billion. The banking sector continues to dominate market activity, accounting for 44% of turnover Lastly, market breadth worsened to 0.64x after 22 stocks declined while only 14 advanced.
For a breakdown of stock performances, please see the pricelist.
What will shape the market tomorrow?
With our expectations for a mixed market having played out so far this week, we foresee further see-sawing activity in the market, as investors continue to take profit on gainers and cherry-pick losing stocks. Thus, we anticipate a similar trading pattern in tomorrow's session, barring any unexpected shocks.
Stocks to Watch
On the Bid Cart: WEMABANK was among the top gainers today, rising 5.26% to settle at ₦0.60. The Banking counter is down 13.04% YTD, underperforming its sector which has lost 11.40% YTD.
On the Offer Cart: STERLNBANK dropped 8.33% today to settle at ₦1.65. The stock has lost 19.12% YTD, underperforming the banking subsector also.
Equity Dealing Desk
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