From the trader's desk...
With a positive market breadth of 1.09x and marginal rebounds in some NGX30's constituents; DANGCEM (+59bps), UBA (+143bps), GTCO (+29bps), and ZENITHBANK (+25bps), both the index and the domestic bourse closed higher by 4bps. On the other hand, losses in PRESCO (-615bps), OANDO (-441bps), and ACCESSCORP (-123bps) formed part of the 11 decliners in today's session. Lastly, trade levels recorded lower volumes in comparison to Tuesday's data, as traded volume and turnover fell by 47% and 28% to 133m units and ₦1.8 billion respectively.
What will shape the market tomorrow?
We still expect banking stocks to dominate activity, as cautious trading remains the tone in the market.
Stocks to Watch
On the bid Cart: UNITYBNK closed as the best performer once again, gaining 9.09% today to close at ₦0.48. The gain further moderates the banking counter's YTD loss, which currently stands at 11.11%.
On the Offer Cart: Following its marginal 4bps gain yesterday, PRESCO closed down by 6.15% today to settle at ₦120.50, reducing its YTD return to 37.24%.
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