Equity Market Report - 8 November, 2019 (Source: InfoWARE, Date: 08-Nov-2019)

Daily Equity Market Report,
8th November, 2019

From the trader's desk..

The ASI ended the last trading session of the week with a positive performance, rising 48bps to close at 26,314.49. The index rode on the back of positive advancements in the Banking sector with all tier one stocks appreciating significantly, thereby mitigating the effect of the declines in the two most capitalized stocks DANGCEM (-142bps) and MTNN (-81bps). Similarly,  total value traded for the day increased significantly by 87.95% with shares of ZENITHBANK, CAP and ACCESS accounting for over 65.00% of total value traded. The positive performance recorded today overturned the negative WoW performance the ASI had recorded as at yesterday (-0.40% WoW), ending the week marginally higher by 0.08%.

For a breakdown of stock performances, please see the pricelist.

What will shape the market tomorrow?
With sentiment around banking stocks remaining strong this week, we foresee further investor interest in select names at the start of next week. However, this positive sentiment may not filter into the rest of the market, as other key sectors continue to under-perform.

Stocks to Watch
On the Bid Cart: Tier one banking stocks dominated market gainers for the day as ACCESS (+952bps), FBNH (+741bps), GUARANTY (+593bps), UBA (+394bps) and ZENITH (+88bps) experienced renewed buying interest. The consecutive capital appreciations in the banking names ensured the Banking index (+8.51%) closed higher for the week.

On the Offer Cart: UNILEVER once again led other decliners for the day, closing as the worst performing stock with a 947bps decline to settle at ₦19.60. The consumer goods stock experienced massive sell-offs during the week, shedding over 26.00% WTD while closing the week at its lowest price in 5 years. The negative trend can however be linked to the unimpressive Q3'19 result declared by the company.

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