From the trader's desk...
Despite the market being dominated by the buyers, the domestic bourse closed lower in today's session, declining by just 1bp to close at 41,813.27 points, with the losses predominately in the NGX30 constituents. Price depreciations in counters like ETI (-347bps), ARDOVA (-299bps), DANGSUGAR (-294bps), FIDELITYBK (-154bps), and WAPCO (-104bps) cancelled out gains in MBENEFIT (+968bps), NGXGROUP (+309bps), ACCESS (+111bps), and ZENITHBANK (+101bps) amongst others. Meanwhile, activity was elevated by trades in the banking space, with volume and value traded improving by 99.81% and 24.53% to 359m units and ₦1.8 billion respectively. Notably, trades in JAIZBANK, ACCESS, and STERLNBANK accounted for 45% of market volume. Lastly, market breadth improved significantly to 1.75x after 21 stocks advanced and 12 declined.
For a breakdown of stock performances, please see the pricelist.
What will shape the market tomorrow?
The banking sector continues to enjoy positive sentiments, as investors take up last minute positions in attractive counters like Access, Zenith and GTCO. With tomorrow being the last trading session of the week and the year, we expect a mixed session amid minimal activity level.
Stocks to Watch
On the bid Cart: After yesterday's negative close, the insurance index saw a 224bps reversal on the back of price appreciations in CHIPLC (+10.00%), MBENEFIT (+968bps), REGALINS (+930bps), WAPIC (+816bps), and NEM (+331bps).
On the Offer Cart: Investors took profit in ETI for the second consecutive session, closing the day on the top losers chart with a 3.47% price dip to settle at ₦8.35. However, the banking stock has returned 39.17% YTD.
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