From the trader's desk...
The NGX rebounded from yesterday's decline to post a 55bps gain, closing at 44,050.44 points. It was an even split between the major sectoral indices, with two gainers and two losers, although the banking sector was the biggest mover, rising 421bps on the back of upticks in the likes of ACCESSCORP (+309bps), ETI (+526bps), UBA (+213bps) and ZENITHBANK (+846bps). Meanwhile in the industrial goods sector, WAPCO recovered from its previous loss to close 597bps higher. On the other hand, Consumer Goods and Oil & Gas counters such as GUINNESS (-998bps), ETERNA (-10.00%) and OANDO (-155bps) dragged their respective indices. Ultimately, market activity improved as volume increased by 54% to 159.4 million units traded, while turnover rose 1.4x to ₦2.9 billion. Interestingly, market breadth was negative at 0.84x after 21 stocks gained and 25 declined.

What will shape the market tomorrow?
After seeing some stocks approach their 52-week low, investors reacted to snap up bargains and drive the positive session. We anticipate a similar session tomorrow, as investors cherry-pick further bargains, while profit-taking on some of today's gainers.

Stocks to Watch
On the bid Cart: After trading at slightly above its 52-week low of ₦18.90 for much of last week, ZENITHBANK posted a second consecutive day of gains, rising 8.46% to close at ₦21.80. The banking stock has lost 13.3% YTD, but is now up 7.9% in the last 30 days.    
                                                 


On the Offer Cart: GUINNESS was on the top losers chart for the second time in two weeks, shedding 9.98% to close at ₦67.20, 39% down from its peak of ₦110, achieved in May. Nevertheless, the Brewery stock is up 72.3% YTD.
                 
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