From the trader's desk...
With only the Consumer goods and Insurance sectors - CADBURY (+123bps), CHIPLC (+563bps), and VERITASKAP (+500bps) maintaining Friday's positive close, the ASI kicked off the week with a 7bps decline, as losses in the likes of CONOIL (-990bps), NB (-502bps), WAPCO (-151bps), and ACCESSCORP (-106bps) dragged the market. However, trade levels improved in comparison to Friday's data, as traded volume and turnover jumped 52% and 65% to 194m units and ₦2.8 billion respectively. Meanwhile, market breath closed negative at 0.94x, as sellers slightly outnumbered buyers, 17 to 18.
For a breakdown of stock performances, please see the pricelist.
What will shape the market tomorrow?
Market breadth retreated to negative territory today, although buyers moderated the day's loss as we continue to see mixed sectoral performance amid slight cherry picking activities in the banking sector. We expect to have similar trading pattern filter into tomorrow's session.
Stocks to Watch
On the bid Cart: With YTD return at 97.75%, FIDSON closed as the best performing stock with a 9.82% price appreciation after 2 weeks of flat closes. The Health Care sub-sector company closed the day at ₦12.30.
On the Offer Cart: After trading flat at ₦28.80 since June 16th, CONOIL closed on the top losers chart with a 9.90% price decline, pulling the NGXOILGAS index lower by 35bps.
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