From the trader's desk...
After the bullish start in the week from the telecoms space, the market closed the week on a negative note, shedding 68bps to settle at 43,253.01 points, as investors took profit in LIVESTOCK (-868bps), MTNN (-450bps), HONYFLOUR (-395bps), WEMABANK (-233bps), and AIICO (-78bps), while the price appreciations in FBNH (+435bps), MANSARD (+411bps), UBA (+368bps) and FLOURMILL (+154bps) weren't enough to lift the index. Weekly sectoral performance worsened, with only the consumer goods sector closing the week 63bps up, while the remaining closed negative. Meanwhile, market activity recovered from previous lows, as volume and value traded improved by 95% and 117% to 314m units and ₦4.6 billion respectively, with FBN accounting for 41% of total traded volume. Lastly, market breadth recovered slightly to 1.1x, after 16 stocks closed up, while 15 declined.

For a breakdown of stock performances, please see the pricelist.



What will shape the market tomorrow?
The market traded mixed this week. However, in comparison to the prior week, turnover improved by 69% due to increased activity in some of the large/mid cap names like MTNN, AIRTEL and FLOURMILL, with overall sentiment still largely bearish. We anticipate this tepid sentiment to persist as there are no major catalysts to spur activity.

   
Stocks to Watch
 
On the bid Cart: After trading flat at ₦0.21 since October 29th, VERITASKAP ended the week on the top gainers chart, rising 9.52% to close at ₦0.23, improving YTD return to 15.00%.   
  


On the Offer Cart: Investors took profit in LIVESTOCK, closing the last trading session of the week 8.68% down to settle at ₦2.00. However, the consumer goods company has returned 43.88% YTD.



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