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Equity Market Report - 25th November, 2022
(Source: Vetiva Research, Date: 25-Nov-2022)

From the trader's desk...
Asides the drawback seen in the consumer goods sector, with NESTLE"Ëœs second
10.00% price drop this week, market sentiments recovered significantly to close at 2.25x. Consequently, the All-Share index gained 204bps to close at 47,554.34 points. The major driver of today's positive performance remain the telecoms sectors, as green closes were seen in AIRTELAFRI (+741bps) and MTNN (+500bps). While Tier- 1 banks - UBA (+139bps), ACCESSCORP (+118bps) and FBNH (+46bps) formed part of the 18 gainers in today's session. Lastly, on the back of increased trades in high-priced counters, turnover improved by 154% to ₦5.5 billion while traded volume declined 29% to 98.9 million units.


 

What will shape the market tomorrow?
Despite the mixed sentiments in the market, we've seen four straight sessions of positive weekly close, with this week posting the most significant return due to the appreciations in the large-cap counters (AIRTLEAFRI, DANGCEM, BUACEMENT, and BUAFOODS). Baring any major sell-offs next week, we expect market to maintain its positive WTD return.

Stocks to Watch
On the bid Cart: Once again, AIRTELAFRI closed on the top gainers chart with a
7.41% price appreciation to settle at ₦1,450. The telecoms company has returned a YTD profit of 51.83%
                                                 


On the Offer Cart: The price of NESTLE shares crossed below ₦1,000 today after losing 19% in the last 2 days of trading. Meanwhile, the consumer goods counter has lost
38.07% YTD.


Equity Dealing Desk
Vetiva Securities Limited
Plot 266B, Kofo Abayomi Street
P. O. Box 73530 Victoria Island
Lagos, NIGERIA
Tel: +234-1-4617521-3, 2700657-8; Fax: +234-1-4617524. 
Website:
www.vetiva.com 

Disclaimer
This report is based on public information which the analyst(s) consider credible and reliable. Whilst reasonable care has been taken in preparing this report, no responsibility or liability is accepted either by Vetiva Securities Limited and its affiliates (...Vetiva" ), its officers or any of its employees for any error of fact or opinion expressed herein. No reliance should be placed on the accuracy, fairness or completeness of the information contained in this report as it has not been verified by the analyst(s) involved or the companies whose securities have been referred to, except as otherwise disclosed. Neither Vetiva nor any of its officers or employees including the writer(s) warrant or represent the accuracy or completeness of information set out in this report.
Any ratings, forecasts, estimates and opinions set forth in this report constitute the analyst(s)' position as at the date and time of this report and may not necessarily be so after the report date and time, as they are subject to change without notice. It is also instructive to note that a company's past performance is not necessarily indicative of its future performance as estimates are based on assumptions that may or may not be realized. The value, price or income from investments mentioned in this report may fall, as well as rise, due to economic conditions, industry cycles, market indices, operational or financial conditions of companies or other factors. Thus, Vetiva and its officers and employees shall not accept liability for any loss arising from the use of this report or its contents in making investment decisions or recommendations.
This report provides general information only. It is not intended to provide personal investment advice and does not take into account the specific investment objectives, financial situation and the particular needs of any specific person.  Investments and securities discussed in this report may not be suitable for all investors and certain investors may not be eligible to purchase or participate in some or all of them. Users of this report should independently determine the suitability and evaluate the investment risks associated with investments and securities discussed in this report. All investors are solely responsible for their investment decisions. Any decision to purchase or subscribe for securities in any offering must be based solely on existing public information on such security or the information in the prospectus or other offering document issued in connection with such offering, and not on this report. Vetiva, through other business units may have issued and may in the future issue trading ideas or recommendations that are inconsistent with, and reach different conclusions from, the information presented in this report. Such ideas or recommendations reflect the different time frames, assumptions, views and analytical methods of the persons who prepared them, and Vetiva is under no obligation to ensure that such other trading ideas or recommendations are brought to the attention of any recipient of this report. Vetiva may make investment decisions or take proprietary positions that are inconsistent with the recommendations or views in this report. To the extent that this report discusses any legal proceeding or issue, it has not been prepared as nor is it intended to express any legal conclusion, opinion or advice. Information relating to the tax status of companies whose securities are discussed in this report is not intended to provide tax advice or to be used by anyone to provide tax advice.
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No portion of this document may be reprinted, sold or redistributed without the written consent of Vetiva Securities Limited.

Additional information on recommended securities/instruments is available on request.
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Vetiva Capital Management Limited · 266b Kofo Abayomi · Victoria Island · Lagos 23401 · Nigeria

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