Daily Equity Market Report,
5th May, 2021
From the trader's desk...
It was another negative day on the Nigerian Exchange, as sell-offs on large-caps drove the Bourse 87bps lower to close at 39,456.64 points. This main counters were MTNN (-236bps), ZENITHBANK (-318bps), SEPLAT (-360bps) and GUARANTY (-365bps), while DANGSUGAR (+118bps), ACCESS (+336bps), and WAPCO (+524bps) were among the gainers. Meanwhile, volume and value traded worsened 18% and 25% to 349m units and ₦3.5 billion respectively. However, activity on Tier I banks maintained dominance in the market, this time accounting for 56% of value traded. Lastly, market breadth turned negative, after 17 stocks rose, while 19 fell, yielding a figure of 0.89x.
For a breakdown of stock performances, please see the pricelist.
What will shape the market tomorrow?
After another day of negative activity, the ASI has kicked off the month on a negative note, however savvy investors continue to cherry pick fundamentally sound names amid sporadic market activity. Therefore, we expect a more mixed session tomorrow, with the likelihood of further selloffs remaining high.
Stocks to Watch
On the Bid Cart: LINKASSURE was the top gainer in today's session, rising 9.43% to close at ₦0.58.The insurance counter has gained 11.54% YTD, beating the sector which is up 4.93% YTD.
On the Offer Cart: STANBIC ended the day as the top loser, closing limit-down at ₦45.00. The banking stock is still positive YTD, having returned 2.16%, beating the sector which has lost 12.22% YTD.
Equity Dealing Desk
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