From the trader's desk...
The equities market reversed yesterday's WTD return of 12 bps, as ASI shed 15 bps to close at 38,911.31 points. The red close was largely driven by losses in ETERNA (-944bps), HONYFLOUR (-393bps), WAPCO (-222bps), OANDO (-152bps), and FBNH (-132bps) among others, offsetting gains in the likes of JAPAULGOLD (+204bps), UCAP (+183bps), STERLNBANK (+135bps), and TRANSCORP (+109bps). Sectoral indices weren't exempted from this negative close, as all sectors closed the day in the red zone, with the exception of the 47bps gain in the Insurance space. Meanwhile, market activity declined, with volume trading down by 7.92% to 130 million units, while turnover fell significantly by 52% to ₦1.4 billion. Finally, market breadth stayed red at a figure of 0.69x after 11 stocks closed up, while 16 declined.
For a breakdown of stock performances, please see the pricelist.
What will shape the market tomorrow?
We expect the market to close the week negative as we do not expect a major deviation from today's trading session. However, we do expect a bit of recovery in terms of activity level.
Stocks to Watch
On the bid Cart: UNITYBNK topped the gainers chart with a 9.62% price appreciation to close the session at ₦0.57, further recovering from 10.94% YTD loss posted.
On the Offer Cart: ETERNA was the biggest loser today, shedding 9.44% to close at ₦6.52, after trading flat since August 31st. However, the Oil and Gas company has returned 27.84% YTD.
Equity Dealing Desk
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