From the trader's desk...
The domestic bourse halted its five straight sessions of declines courtesy of the price rebound in DANGCEM (+830bps), which saw the industrial goods stock close the session at ₦270. Consequently, the ASI and NGXINDUSTR index gained 66bps and 386bps respectively. Meanwhile, positive activity was also recorded in stocks such as NAHCO (+769bps), OANDO (+509bps) and UBN (+463bps), cancelling out the losses in the likes of in BUAFOODS (-10.00%), FBNH (-667bps) and UNILEVER (-133bps), despite the session being dominated by the sellers as in the negative market breadth of 0.64x. Also, sectoral performance improved in today's session with recovery in the Oil & Gas sector, while the NGXBNK index closed higher once again. Activity-wise, market activity trended mixed, with volume falling by 14% to close at 166.9m units, while value traded improved by 9% to print at ₦2.7 billion.
For a breakdown of stock performances, please see the pricelist.
What will shape the market tomorrow?
The ASI was able to close in the green due to price appreciation in the large cap stock "" DANGCEM, as market still witnessed bearish investor sentiment. We anticipate another mixed sectoral performance tomorrow amid mild bargain hunting activities.
Stocks to Watch
On the bid Cart: Following DANGCEM's 10.00% decline yesterday, the stock recovered by 8.30%, putting YTD return back in the green albeit marginally at 5.06%.
On the Offer Cart: BUAFOOD closed the session as a joint-top loser with a 10.00% price depreciation to settle at ₦49.50. However, the consumer goods stock has returned 23.75% YTD, trailing the sector which has gained 7.13%.
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