From the trader's desk...
Halting this week's bearish run, the equity market ended the session 28bps up to settle at 47,287.09 points, largely on the back of the positive activity witnessed in the consumer goods sector. With a total of 25 stocks closing in the green against 12 decliners, market breath improved to 2.5x, as gains were recorded in the likes of PRESCO (+10.00%), TRANSCORP (+849bps), MBENEFIT (+800bps), NESTLE (+287bps), and ACCESS (+100bps), reducing the impact of losses in MAYBAKER (-991bps), CAVERTON (-714bps), JAIZBANK (-278bps), and ZENITHBANK (-112bps). On the other hand, despite the mixed market activity, the session opened on a busy note after trades worth ₦2 billion were seen in FBNH and GTCO. Furthermore, improved trade volumes was also recorded in NESTLE, on the back of cross trades worth about ₦1 billion. Consequently, total volume declined by 55.45% to 336m units, while turnover grew by 61.09% to ₦5.86 billion, due to large-cap/high priced stocks dominating activity charts.
For a breakdown of stock performances, please see the pricelist.
What will shape the market tomorrow?
It was a positive day in the equity market today, especially in the consumer goods sector as investors reacted positively to market information, whilst block transactions elevated activity level. We expect to see the market maintain the positive close, as today's sentiments filter into tomorrow's session.
Stocks to Watch
On the bid Cart: Following PRESCO's proposed acquisition of SIAT Nigeria Limited (SNL), a private company that also operates in the agricultural sector, the stock opened the session fully bidded and closed at ₦114.95. Thus, representing a YTD gain of 30.92%.
On the Offer Cart: Investors took profit in MAYBAKER, after last month's 22% capital gain. The stock closed the session down by 9.91% to settle at ₦4.91, reducing YTD return to 22.14%.
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