Equity Market Report - 17th February, 2023

Equity Market Report - 17th February, 2023
(Source: Vetiva Research, Date: 17-Feb-2023)

From the trader's desk...The market turned red today, falling 131bps to close at 53,804.46 points. After four straight sessions of green closes, the local bourse was dragged by the sell-off in AIRTELAFRI (-602bps), completely cancelling the 36bps gain recorded as at yesterday. Asides the most capitalized stock on the exchange losing ₦100, the banking sector also had a poor outing, as declines were seen in the likes of FIDELITYBK (-537bps), FCMB (-382bps), ZENITHBANK (-196bps) and UBA (-60bps), pushing the NGXBNK index south by 134bps w/w. Meanwhile, all other sectoral indices closed the week in the green, with the insurance and oil & gas leading the pack, gaining 118bps and 91bps respectively. Activity-wise, total volume of shares traded jumped 38% to 172.9 million units, while market turnover inched up 5% to ₦3.7 billion. Lastly, market sentiment closed negative, with the session ending with 18 losers and 13 gainers. For a breakdown of stock performances, please see the pricelist.

What will shape the market tomorrow?Over the course of the week, we've seen a correlation between performance of the market with that of the NGX30, as these large-cap counters dictate market direction. With elections starting next week, we expect a relatively quiet trading week, amid a cautious trading pattern. Stocks to WatchOn the bid Cart: After trading flat most of February, with the stock price hovering around ₦29.95 and ₦30, FLOURMILL gained 3.00% in the last trading session of the week to settle at ₦30.90. The counter has now returned a YTD profit of 8.80%.

On the Offer Cart: After trading flat at ₦1,660 since the 30th of January, the telecoms stock yielded to the sell pressure, closing down by 6.02% to settle at ₦1,560. With today's decline, AIRTELAFRI's YTD return now in the red at 4.59%. Equity Dealing DeskVetiva Securities LimitedPlot 266B, Kofo Abayomi StreetP. O. Box 73530 Victoria IslandLagos, NIGERIATel: +234-1-4617521-3, 2700657-8; Fax: +234-1-4617524. Website: www.vetiva.com

DisclaimerThis 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.By accepting and making use of this report, you agree to be bound by the foregoing limitations.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."Information in this message is confidential and may be legally privileged. It is intended solely for the person to whom it is addressed. If you are not the intended recipient, you should not disseminate, distribute, copy or rely on this e-mail. If you have received this e-mail in error, kindly delete the message from your system immediately and notify us at: info@vetiva.com". This e-mail may not have been sent with the authority or consent of Vetiva; therefore, any view, opinion or conclusion expressed therein does not necessarily represent those of Vetiva or any of its affiliates. Computer viruses can be transmitted via e-mail. The recipient should check this e-mail and any attachments for viruses. Vetiva accepts no liability for any damage caused by any virus transmitted via this e-mail.Â© 2022 Vetiva Capital Management Limited. All rights reserved.

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Equity Market Report - 17th February, 2023 | InfoWARE Finance

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Equity Market Report - 17th February, 2023 (Source: Vetiva Research, Date: 17-Feb-2023)

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Equity Market Report - 17th February, 2023
(Source: Vetiva Research, Date: 17-Feb-2023)