From the trader's desk...
The red close continued in the first session of the week, with the banking sector leading the pack with a 442bps loss on the back of sell-offs in counters like UNITYBNK (-816bps), FCMB (-689bps), and ZENITHBANK (-228bps). Consequently, the All-Share index closed down by 14bps to settle at 46,898.23 points. Other counters that lost points were TRANSCORP (-654bps), ARDOVA (-335bps), and HONYFLOUR (-281bps) canceling out gains recorded in BETAGLAS (+992bps), PZ (+968bps), ACCESSCORP (+302bps), and MTNN (+147bps). Furthermore, market traded mixed today, with a 103.22% improvement in traded volume to close at 359m units, while turnover declined by 37.54% to print at ₦2.6 billion. Finally, market saw equal number of gainers and losers with 18 of each.
For a breakdown of stock performances, please see the pricelist.
What will shape the market tomorrow?
As expected, the week started off mixed with the banking sector taking the most hit, despite trades in that space dominating activity chart. We foresee further mixed trading pattern, as investors continue to bargain hunt across board, whilst taking profit on some recent gainers.
Stocks to Watch
On the bid Cart: Coming off Thursday's full suspension, the newly listed ACCESSCORP closed the session with a 3.02% price appreciation and also finished as one of the top 5 traded names by volume. The banking counter has returned a YTD gain of 10.22%.
On the Offer Cart: Despite significant improvement seen across TRANSCORP's income lines in their FY'21 results released on Friday, (Revenue and PAT improved by 47% and 528% respectively), the stock closed the session down by 6.54% following a ₦0.02k dividend declaration, reducing YTD return to 4.17%.
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