From the trader's desk...
The 534bps loss in the Industrial goods sector, solely on the back of sell pressure in DANGCEM (-10.00%), reversed the 2-day gaining streak, as the All-Share index declined by 177bps to close at 41,685.22 points, even as we saw all other sectors close in the green. Other counters that closed the day negative were UACN (-10.00%), UNITYBNK (-417bps), NGXGROUP (-170bps), NAHCO (-286bps), and UBA (-63bps), while OANDO (+883bps), GTCO (+494bps), ZENITHBANK (+229bps), and WAPCO (+209bps) were among the day's 22 gainers, as market breadth stayed positive at 1.47x. Meanwhile, activity levels trended down, with volume declining by 27.15% to 473m units, while turnover fell by 28.15% to ₦5.17 billion.
For a breakdown of stock performances, please see the pricelist.
What will shape the market tomorrow?
Barring any significant price dip in any of the large-cap stocks like we saw today, expect market to close the week mixed as investors continue to bargain hunt across sectors amid recovery in the banking space.
Stocks to Watch
On the bid Cart: OANDO gained 8.83% to settle at ₦4.93, consolidating on yesterday's 67bps gain. The oil and gas company has returned 33.24% YTD.
On the Offer Cart: After trading on full offer since Monday, DANGCEM yielded to the sell pressure, closing the day as one of the worst performing stock. The industrial goods company closed at ₦252, returning a meagre 2.90% profit YTD.
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