From the trader's desk...
Profit taking in SEPLAT (-426bps), ensured the market's negative start to the week, as the ASI dipped marginally by 1bp to settle at 47,262.61 points. The index was also dragged by losses in counters like AIICO (-571bps), UBN (-400bps), JAPAULGOLD (-278bps), UNILEVER (-141bps), and JBERGER (-75bps), which outweighed gains in HONYFLOUR (+514bps), FIDELITYBK (+309bps), INTBREW (+200bps), and ZENITHBANK (+151bps) amongst others. Meanwhile, market activity recovered from Fridays lows, as traded volume and turnover improved by 62.80% and 34.48% to 291m units and ₦2.8 billion respectively. Notably, the most traded counters were in the banking sector (JAIZBANK, ACCESS, and UBA), all three names accounting for 39.58% of market volume. Lastly, market breath remained slightly positive at 1.05x, after 19 stocks gained and 18 declined.
For a breakdown of stock performances, please see the pricelist.
What will shape the market tomorrow?
We saw increased activity in high dividend yield stocks today especially in the banking sector, amid positioning in names like UBA and ZENITHBANK. We expect similar trade patterns to filter into tomorrow, as investors continue to trade in line with corporate disclosures.
Stocks to Watch
On the bid Cart: HONYFLOUR started off the week on the top gainers chart, with a 5.14% price appreciation to close at ₦3.89. The consumer goods company has posted a YTD gain of 14.41%, outperforming the sector which has lost 2.06% YTD.
On the Offer Cart: Despite NGXINS's 21bps gain today, the sector traded mixed, as the top 4 losers were all insurance counters "" NIGERINS (-870bps), AIICO (-571bps), LINKASSURE (-517bps), and REGALINS (-476bps).
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