From the trader's desk...
With just the Banking sector closing in the green and 12 equites advancing against 18 decliners, the equity market gained 17bps driven by gains in large cap names BUAFOODS (+397bps) and MTNN (+26bps). In the Consumer Goods space, advances in counters like CHAMPION (+10.00%), MAYBAKER (+847bps), and INTBREW (+526bps) helped ensure the market's green close, however losses in NB (-400bps), PZ (-385bps) and DANGSUGAR (-93bps) saw the sector ease 56bps. Despite the last three sessions of positive activity, only the Banking and Oil & Gas sectors closed the week in the green, as market's WTD return dipped 14bps. Meanwhile, activity level declined today, with volume and turnover plunging 30% and 35% to 156m units and ₦1.8 billion respectively.
For a breakdown of stock performances, please see the pricelist.
What will shape the market tomorrow?
This week's trading pattern was mixed as we saw days of declines followed by positive activity. We anticipate similar trade pattern next week with minimal activity as investors continue to cherry pick attractive counters across board.
Stocks to Watch
On the bid Cart: CHAMPION closed up 10.00% today after trading flat at ₦3.40 since June 15th, improving YTD return to 59.15%. The brewery company also recorded increased trade volume of 1.46m units compared to the 3,823 units in prior session.
On the Offer Cart: FCMB yielded to the sell pressure after trading flat at ₦3.50 since June 10th. The banking stock lost 5.71% to close at ₦3.30, moderating YTD gain to 10.37%.
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