From the trader's desk...
Major indices continue to trade in the red, as the market opened the week on a bearish note, shedding 9bps to close at 43,270.94 points. The negative performance resulted from declines in UPDC (-992bps), INTBREW (-400bps), OANDO (-278bps), PREESCO (-124bps), and ZENITHBANK (-62bps) amongst others, which eroded gains in the likes of AIICO (+857bps), VITAFOAM (+186bps), ACCESS (+111bps), and HONYFLOUR (+101bps). However, compared to the 305m units and ₦3.57 billion recorded on Friday, activity levels for the day plunged, with total volume and value traded declining by 30.20% and 34.05% respectively, while trades in GTCO, ZENITHBANK, FCMB and ACCESS accounted for 38% of market turnover. Lastly, market breadth trended lower, closing at 0.67x after 21 stocks declined and 14 gained.
For a breakdown of stock performances, please see the pricelist.
What will shape the market tomorrow?
Following the recent bearish sentiment in the market, sell-offs continued in major sectors as the domestic bourse saw a bit of profit taking today. We expect a mixed trading pattern tomorrow, with continued profit taking in some tickers whilst also taking positions in some fundamentally sound stocks due to recent price dip.
Stocks to Watch
On the bid Cart: For the third consecutive session, AIICO closed on the top gainers chart, with a 8.57% price appreciation today to close at ₦0.76. Consequently, reducing YTD loss for the insurance company to 32.74%.
On the Offer Cart: UPDC continues its downward trend following Friday's 5.07% loss, closing today's session 9.92% down to settle at ₦1.18. However, the real estate company has returned 49.40% YTD.
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