From the trader's desk...
The equity market closed the session mixed with a mild decline, shedding 1bp to settle at 44,604.74 points amid losses in CUSTODIAN (-949bps), UACN (-521bps), FTNCOCOA (-513bps), UCAP (-91bps) and STANBIC (-80bps) which slightly outweighed gains in TRANSCORP (+971bps), JAIZBANK (+606bps), INTBREW (+404bps), and AIICO (+256bps). Furthermore, market traded mixed today, with a 20.82% improvement in traded volume to close at 321m units while turnover dipped marginally by 4.37% to ₦3.65 billion, with trades in TRANSCORP accounting for 32.50% of total market volume. Amid an almost even split between buyers and sellers, market breadth retreated to the negative region at 0.9x, after 15 stocks lost and 14 gained.
For a breakdown of stock performances, please see the pricelist.
What will shape the market tomorrow?
In the absence of significant sell off in any of the heavy-weight stocks, we expect these market to trade in a similar pattern tomorrow, as investors continue to buy up attractive counters while taking profit on previous gainers.
Stocks to Watch
On the bid Cart: Starting the year at ₦0.96, TRANSCORP has returned a YTD profit of 17.71% due to the increased demand seen in recent sessions. The counter closed the day up 9.71% to settle at ₦0.96.
On the Offer Cart: Bearish sentiments persist in the insurance sector, this time with NEM (-10.00%) closing the session on the top losers chart, increasing YTD loss to 12.00%.
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