From the trader's desk...
The All-Share Index stayed in the red, shedding 19 bps to close at 47,340.86 points. Losses in counters such as FCMB (-417bps), SEPLAT (-303bps), UCAP (-232bps), GTCO (-187bps), and HONYFLOUR (-158bps) cancelled out gains in ETERNA (+417bps), UNILEVER (+385bps), FIDELITBK (+281bps), and WAPCO (+21bps). Meanwhile, in the absence of block transactions, activity levels saw a sharp decline, traded volume and turnover dipped by 85.69% and 68.74% to 183m units and ₦2.4 billion respectively. Notably, the most traded counters were in the banking sector (UBA, ACCESS, and FBNH), all three names accounting for 29.38% of market volume. Lastly, with the bears dominating the session, only 15 stocks closed in the green against 22 decliners, putting market breath at 0.68x.
For a breakdown of stock performances, please see the pricelist.
What will shape the market tomorrow?
We expect to see further mixed sessions this week, with share price appreciations followed by profit taking activities as seen in sectoral performance, whilst investors continue to favour the banking sector.
Stocks to Watch
On the bid Cart: ETERNA recovered by 4.17% after yesterday's 10% loss. Thus, improving the company's YTD gain to 3.96%. Although the stock is still trailing behind the sector that has returned 30.75% YTD.
On the Offer Cart: Investors took profit in SEPLAT today, closing the session down by 3.03% to settle at ₦960. Unlike ETERNA, this oil and gas counter has outperformed the sector with an impressive YTD profit of 47.69%.
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