From the trader's desk...
With only 2 sectors closing in the green and a flat finish in the oil & gas sector, the market retreated to the negative region with a 12bps decline in the All-Share index. Price reversals in the banking and telecoms sectors ensured the negative close with losses posted in counters like MTNN (-50bps), UBA (-287bps) and ACCESSCORP (-112bps) amongst others. Despite the buyers dominating today's session as seen in the positive market breadth of 1.40x, gains in the likes of NAHCO (+10.00%), WAPCO (+129bps) and UACN (+189bps) weren't enough to push the index north. Activity-wise, market activity trended mixed, with volume declining 52% to close at 133m units, while value traded improved by 17% to print at ₦2.4 billion.
For a breakdown of stock performances, please see the pricelist.
What will shape the market tomorrow?
With higher yields in the fixed income space, market continue to trade mixed amid profit taking activities followed by price rebound. We expect to see these trends filter into tomorrow's session.
Stocks to Watch
On the bid Cart: After 2 sessions of decline, NAHCO recovered by 10.00% to close at ₦5.83. The aviation handling company has returned 55.88% YTD.
On the Offer Cart: STANBIC closed on the top losers chat, with a 3.28% loss to settle at ₦28.05. The banking counter has lost 22.08% YTD.
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