From the trader's desk...
Despite the mixed trading week, the equity market closed out on a positive note, climbing 20bps to settle at 42,353.31 points, consolidating WTD return at 112bps. The positive performance was on the back of demand in names like INTBREW (+319bps), DANGSUGAR (+210bps), UBA (+191bps), DANGCEM (+119bps) and ACCESS (+56bps) which outweighed losses in HONYFLOUR (-761bps), ETI (-474bps), ETERNA (-431bps), and GTCO (-78bps). Market traded mixed today, with a 36.99% improvement in traded volume to close at 341m units while turnover dipped marginally by 1.08% to ₦3.53 billion. However, comparing market activity for the week with prior week, total traded volume declined by 49%, while traded value fell by 43%, due to the absence of block transactions. Amid an almost even split between buyers and sellers, market breadth closed positive at 1.11x, after 21 stocks closed in the green and 19 declined.
For a breakdown of stock performances, please see the pricelist.
What will shape the market tomorrow?
The market was able to recover from the bearish sentiment after DANGCEM reverted to ₦255 price level today. We still expect market to trade mixed at the beginning of the new week amid minimal activity levels
Stocks to Watch
On the bid Cart: MBENEFIT recovered from the negative closes, gaining 8.33% to settle at ₦0.26. The insurance stock has lost 3.7% YTD, trailing the sector that has returned a marginal 0.75%
On the Offer Cart: CHAMPION finished the session on top of the losers chart, shedding 10% to close at ₦2.34. However, the consumer goods company has returned an impressive 172% YTD.
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