From the trader's desk...
The last minute sell-off in MTNN (-584bps) significantly reduced the impact of the gains posted in DANGCEM (+400bps) on the ASI, as the bourse was only able to return 10bps settling at 43,897.13 points. Other counters that closed the session higher were BUAFOODS (+996bps), ETERNA (+372bps), VITAFOAM (+370bps), and FIDELITYBK (+159bps), all cancelling out losses in the likes of UBN (-690bps), FLOURMILL (-310bps), OANDO (-295bps), and FBNH (-88bps). Market activity declined, with trade volumes decreasing by 21.32% to 310.9m units, while turnover fell by 30.30% to ₦8.6 billion, with trades in BUAFOODS accounting for 68.61% of total turnover. Meanwhile, market breath contracted to 1.47x after 28 stocks advanced and 19 declined.
For a breakdown of stock performances, please see the pricelist.
What will shape the market tomorrow?
Investors took profit in the banking and oil and gas sectors today given the gains recorded last week, with losses in OANDO, ARDOVA, and GTCO amongst others. We foresee another mixed sectoral performance, as investors continue to snap up attractive counters.
Stocks to Watch
On the bid Cart: With a listing price of ₦40, BUAFOODS closed the session as the best preforming stock at ₦58.50, consolidating a capital gain of 46.25%.
On the Offer Cart: Following two straight sessions of positive closes, investors took profit in UBN, shedding 6.90% to settle at ₦5.40. YTD return for the banking stock currently at 8.47%.
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