From the trader's desk...
With decent recovery in the large cap industrial goods stock BUACEMENT (+543bps) propping up the NGX30 and NGXINDUSTR indices by 46bps and 189bps respectively, the equity market halted its 3-day negative run, starting the week with a 39bps gain to settle at 49,218.35 points. Also, the NGXBNK index continued its ascent with advances in names like FCMB (+802bps), UBN (+783bps) and ZENITHBANK (+25bps) ensuring its sixth straight session of positive close. With the other sectoral indices closing in the red, market breadth stayed negative at 0.71x, after losers outnumbered gainers, 17 to 12. Meanwhile, amongst the notable decliners in today's session were in VITAFOAM (-423bps), OANDO (-204bps) and UBA (-137bps). Lastly, total traded volume dropped 29% to close at 119m units, while turnover dipped significantly to print at ₦854 million.
What will shape the market tomorrow?
Tepid sessions persist as investors continue to trade cautiously in the equity market and we expect similar trading pattern tomorrow as investors await decisions at the MPC meeting currently ongoing.
Stocks to Watch
On the bid Cart: After trading flat most of last week, FCMB started the week on the top gainers chart with a 8.02% appreciation to close at ₦3.50. Meanwhile, the banking counter as returned 17.06% YTD.
On the Offer Cart: CHAMPION closed the day lower by 7.86%, as investors took profit given its YTD profit of 44.68%. The consumer goods company settled at ₦3.40 today.
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