From the trader's desk...
With rebounds in banking and telecoms counters like ACCESSCORP (+366bps), MTNN (+380bps), ZENITHBANK (+92bps), and UBA (+69bps), the last trading session of the month closed up by 71bps. Also, market breath recovered to close at 2.33x, as losers were significantly outnumbered by the gainers, 9 to 21. Meanwhile, only the consumer goods and insurance indices closed the day lower, with losses in NB (-708bps), and ROYALEX (-10.00%) dragging their respective sectors. Furthermore, the total volume of shares traded dipped by 12% to 107 million units, while market turnover also declined by 20% to ₦1.3 billion. Notably, the five top traded counters were all banking stocks (FBNH, FIDELITYBK, ZENITHBANK, WEMABANK, and STANBIC), with all five names accounting for 39% of market's volume.
What will shape the market tomorrow?
After 5 consecutive m/m decline in the All-Share index, the market closed the month of November with a 8.72% return, despite the rocky start to the month. We foresee tepid to bearish sessions going into the final lap of the year, due to the sell-offs expected during the festive season.
Stocks to Watch
On the bid Cart: After four straight sessions of declines, WEMABANK recovered by 10.00% today to close the day at ₦3.30. The banking counter's YTD gain is currently at 27.78%.
On the Offer Cart: Once again, NB closed on the top losers chart, shedding 7.08% of its share price to settle at ₦42.00, increasing its YTD loss to 16.00%.
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