From the trader's desk...
The 29bps recovery in the banking space - UBN (+543bps), FBNH (+124bps), GTCO (+78bps) and ZENITH (+20bps) and the increased demand in DANGCEM (+59bps) helped the equity market maintain Friday's positive return, as the All-Share index advanced by 10bps to settle at 42,394.71 points. With the buyers dominating today's session, market breadth closed positive as losses were recorded in 11 stocks; ETI (-221bps), OANDO (-213bps), STERLNBANK (-199bps), and MTNN (-59bps) against the 21 advancers. However, market activity declined, with trade volumes decreasing by 58.42% to 142m units, while turnover fell by 29.68% to ₦2.4 billion.
For a breakdown of stock performances, please see the pricelist.
What will shape the market tomorrow?
As expected, the market started the week quiet with improved interest in some large cap names like DANGCEM and SEPLAT. We anticipate a mixed trading day amid renewed interest in some small-cap insurance stocks like MBENEFIT and AIICO.
Stocks to Watch
On the bid Cart: Despite the profit taking activities in some insurance stocks that dragged the NGXINS index south; ROYALEX (8.70%), MBENEFIT (7.69%), and REGALINS (7.32%) closed the session on the top gainers chart.
On the Offer Cart: NAHCO started the week on the top losers chart, shedding 3.48% of its value to close at ₦3.33. The aviation handling company has returned an impressive 44.78% YTD.
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