From the trader's desk...
The Domestic bourse closed lower in today's session, declining by 8 bps to settle at 38,873.85 points. Losses predominantly in the banking space dragged the index south, with price depreciations in counters like WEMABANK (-380bps), ZENITHBANK (-234bps), ACCESS (-111bps), and GTCO (-73bps), cancelling out gains in ETI (+294bps), STANBIC (+263bps), ETERNA (+230bps), and UBA (+136bps). Meanwhile, market traded mixed, as volume inched up by 1.37% to 184m units, while turnover fell marginally by 0.34% to ₦2.34 billion, with banking stocks (UBA, GTCO, Zenith and Access) dominating activity chart, accounting for 44.63% of total volume traded. Finally, market breadth turned positive at 1.23x after 16 stocks advanced and 13 declined.
For a breakdown of stock performances, please see the pricelist.
What will shape the market tomorrow?
Market continues its downward trajectory, as we have seen little by way of positive catalyst to spur activity. We expect investors to start buying fundamentally sound names with beaten down prices like we saw in Zenith Bank today
Stocks to Watch
On the bid Cart: MRS topped the gainers chart today, raising 9.75% to close at ₦15.20. The Oil and gas counter has returned 10.55% YTD, trailing the sector that has gained a significant 58.93%.
On the Offer Cart: NEIMETH was the biggest loser today, closing down 7.89% to settle at ₦1.75. The Pharmaceutical company is currently trading at a YTD loss of 21.52%.
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