From the trader's desk...
The market closed another mixed session with a mild decline, shedding 1bp to close at 43,255.14 amid losses in UPDC (-935bps), FIDELITYBK (-385bps), INTBREW (-273bps), OANDO (-97bps) and UBA (-61bps) which slightly outweighed gains in HONYFLOUR (+995bps), WEMABANK (+247bps), FLOURMILL (+171bps), and TRANSCORP (+104bps). Meanwhile, activity levels dipped, as volume and value traded fell 49.73% and 37.56% respectively and the Tier I banks still dominated market activity as trades in GTCO, FBNH, and ZENITH accounted for 56.20% of the market turnover in today's session. Finally, market breadth remained positive with 19 gainers and 15 decliners to close at 1.27x.
For a breakdown of stock performances, please see the pricelist.
What will shape the market tomorrow?
We anticipate further mixed activity in tomorrow's session with a slightly bearish close, as investors continue to trade cautiously whilst cherry picking attractive counters across board.
Stocks to Watch
On the bid Cart: HONYFLOUR closed the session again as the best performing stock, gaining 9.95% to close at ₦4.09. Meanwhile, the consumer goods company has returned an outstanding 240.83% YTD.
On the Offer Cart: UPDC was the top loser today, falling 9.35% to settle at ₦1.26. Nevertheless, the real estate company has returned an impressive 59.50% YTD.
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