From the trader's desk...
The Equity market had another negative close, as the ASI lost 11bps to close at 46,843.09 points. Stocks such as INTBREW (-10.00%), FIDELITYBK (-488bps), OANDO (-380bps), STANBIC (-230bps), and TRANSCORP (-100bps) dragged the index south, while the likes of PZ (+980bps), FCMB (+932bps), GUINNESS (+121bps), and NGXGROUP (+167bps) saw price appreciations. Sectoral performance also worsened, as all sectors closed in the red zone with the exception of the flat finish in the industrial goods space and remains the only sector in the green WTD. Similarly, market activity trended downwards, with trade volume and turnover declining by 40.45% and 31.43% to 214m units and ₦1.7 billion respectively, while CHAMS and ACCESSCORP were the most traded names today, with about 30m units each. Finally, market breadth closed negative with 16 gainers and 18 decliners to close at 0.89x.
For a breakdown of stock performances, please see the pricelist.
What will shape the market tomorrow?
Baring block transactions in recent sessions, activity level has been relatively tepid with investors sentiment tilting towards the bears. We are likely to see recoveries in some of the sectors tomorrow amid lower entry points.
Stocks to Watch
On the bid Cart: Following four consecutive sessions of positive activity, PZ closed the day with 9.80% gain to finish as the best performing stock. With the consumer goods share price now at ₦11.20, this represents an impressive YTD profit of 67.21%.
On the Offer Cart: Investors took profit in INTBREW, closing the session limit down to settle at ₦4.50, almost eroding YTD gain to a marginal 1.01%.
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