From the trader's desk...
With losses recorded in a total of 12 stocks - CADBURY (-545bps), NGXGROUP (-438bps), FBNH (-333bps), and WAPCO (-41bps), market breadth continued its bearish run to close at 0.83x. Consequently, the All-Share index lost 5bps to settle at 49,421.91 points. Meanwhile, in the banking sector, gains recorded in FIDELITYBK (+546bps), STANBIC (+169bps), UBA (+138bps) and ZENITHBANK (+76bps) helped ensure today's 49bps uptick, finishing as the only positive performer. Activity-wise, total traded volume and turnover plunged significantly to close at 51.8m units and ₦590 million respectively.
What will shape the market tomorrow?
Barring any structured transaction, the market trended quiet with banking stocks dominating activity and we do not anticipate any major deviation in tomorrow's session.
Stocks to Watch
On the bid Cart: UNITYBNK closed limit up to settle at ₦0.44. With the banking counter's 10.00% gain today, YTD loss now at 18.52% YTD.
On the Offer Cart: With CADBURY's YTD gain at 47.73%, investors took 5.45% profit today. The consumer goods company closed the day at ₦13.00.
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