From the trader's desk...
Despite an elevated activity level, all sectors closed in the red, plunging the All-Share index down by 23bps to settle at 47,154.35 points. The negative performance seen across board, resulted from declines in HONYFLOUR (-746bps), LINKASSURE (-727bps), NESTLE (-279bps), WAPCO (-208bps), and ACCESS (-148bps) amongst others, which eroded gains in the likes of NGXGROUP (+697bps), UBN (+333bps), VITAFOAM (+282bps), and GTCO (+77bps). Activity levels improved today on the back of the 518m units cross trade seen in UNITYBNK, which accounted for 68.71% of market's volume. Thus, improving traded volume by 158.65% to 291m units, while turnover grew by 27.41% to ₦2.85 billion. Lastly, with the session being dominated by the sellers, market breadth trended lower, closing at 0.57x after 28 stocks declined and 16 gained.
For a breakdown of stock performances, please see the pricelist.
What will shape the market tomorrow?
Barring any block transactions, we are likely to see a tepid session tomorrow amid recoveries in some of the major sectors.
Stocks to Watch
On the bid Cart: Following NGXGROUP's 18.43% price decline last week, investors bought the stock back up, gaining 6.97% to close at ₦22.25. The company has return a YTD profit of 11.81%.
On the Offer Cart: After trading flat at ₦26.50 since February 2nd, CONIOL closed the session as a joint-top loser with a 10.00% price deprecation to settle at ₦23.85. However, the oil and gas stock has returned 8.41% YTD, trailing the sector which as gained 32.03% YTD.
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