From the trader's desk...
Despite an almost even split between buyers and sellers, the domestic bourse was able to sustain yesterday's positive close, amid strong gains posted in UACN (+984bps), OANDO (+883bps),and PRESCO (+874bps), as the All-Share index advanced by 16bps to settle at 47,363.98 points. On the other hand, losses in TRANSCORP (-522bps), FIDELITYBK (-234bps), FLOURMILL (-113bps) and STANBIC (-143bps) failed to sufficiently drag the market, but still ensured a tepid close. Market breath closed slightly positive at 1.05x, after 21 stocks gained and 20 fell. However, activity level trended down, with traded volume and turnover declining by 22.23% and 23.59% to 261m units and ₦4.4 billion respectively. Notably, with total trades worth ₦1.18 billion in MTNN, this accounted for 40.76% of market turnover.
For a breakdown of stock performances, please see the pricelist.
What will shape the market tomorrow?
We anticipate further mixed activity with a slightly bullish close to end the week, as investors continue to trade in line with corporate actions whilst cherry picking attractive counters across board.
Stocks to Watch
On the bid Cart: OANDO closed the session as one of the best performing stock with a share price appreciation of 8.83%, settling at a year-high of ₦5.30. The oil and gas company has returned a YTD profit of 19.91%.
On the Offer Cart: TRANSCORP reversed some of yesterday's 8.48% gain to close on the top losers chart. The stock lost 5.22% today to settle at ₦1.09, reducing YTD return to 13.54%.
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