From the trader's desk...
The domestic bourse had another negative close, as the ASI declined by 34bps to close at 42,244.22 points. Stocks such as UBN (-515bps), OANDO (-396bps), WAPCO (-375bps), MTNN (-134bps), and ZENITHBANK (-101bps) dragged the index south, while the likes of MAYBAKER (+4.51bps), NESTLE (+143bps), NGXGROUP (+106bps), and GTCO (+39bps) saw price appreciations. Activity levels dipped, with volume and value traded falling by 18.81% and 32.47% to 224m units and ₦2.6 billion respectively. Notably, UACN led activity chart, after 76.9m units trades were crossed in 2 tranches at ₦9.00 price level, accounting for 34% of the total traded shares in the market. Finally, market breadth stayed positive at 1.21x after 17 stocks advanced and 14 declined.
For a breakdown of stock performances, please see the pricelist.
What will shape the market tomorrow?
Despite the bearish sentiment, the consumer goods sector has seen positive activity in recent sessions with improved demand in names like DANGSUGAR and NESTLE. Similarly, the insurance sector has been dominating activity charts, gaining 1.24% WTD and we expect these trade patterns to filter into tomorrow's session amid a slightly quiet trading day.
Stocks to Watch
On the bid Cart: After trading flat at ₦4.10 in the last five sessions, MAYBAKER was joint-top gainer today, raising 10.00% to close at ₦4.51. Thus, improving YTD return of the consumer goods company to 28.49%.
On the Offer Cart: UBN continues its mixed trading sessions, this time closing on the top losers chart to settle at ₦4.60. The banking counter has returned a YTD loss of 14.02%, trailing the sector that has only lost 0.54% YTD.
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