Equity Market Report - 03 April, 2020 (Source: InfoWARE, Date: 03-Apr-2020)
Daily Equity Market Report,
3rd April, 2020


From the trader's desk...
The ASI could not sustain yesterday's positive performance, down marginally by
11bps to 21,098.57 points due to declines in the two most capitalized stocks; DANGCEM (-265bps) and MTNN (-86bps). The equities market breadth (1.25x) however closed positive for the first time this week as 15 stocks closed higher against 12 decliners. Likewise, market activity for the day improved as total value traded increased marginally by 3.97% despite a 7.92% drop in total volume traded. On the flip side, trading sessions during the week were dominated by heavy sellers, leading to a four negative performances of the five trading sessions, while the WTD and YTD performances settled at -3.49% and -21.40% respectively. Still on the bearish trend, performance across sectors closed south as four of the five major sub-sectors ended the week down, as the Banking sector (-5.26% WoW) led the laggards while the Oil & Gas sector (+2.33% WoW) emerged as the lone gainer.
 
For a breakdown of stock performances, please see the pricelist.



What will shape the market tomorrow?
With declines in the price of a number of fundamentally sound stocks this week, we expect some cherry picking at the beginning of next week though the performance of the index still largely depends on event around the continued spread of the Coronavirus pandemic as well as happenings in the Crude oil market.

 
Stocks to Watch
On the Bid Cart: Contrary to the sell pressure witnessed in the Banking stocks in the last four sessions, counters in the sector were positively patronized today as all Tier 1 Banking stocks closed higher; ACCESS
(+10.00%), ZENITHBANK (+818bps), FBNH (+676bps), UBA (+206bps) and GUARANTY (173bps) while the Banking index appreciated by 3.70% d/d.



On the Offer Cart: SKYAVN led the other 11 decliners for the day, shedding 989bps to close lower at ₦2.37. Trading in line with other stocks at the domestic market, the counter has been significantly affected by the persistent sell pressure that has dominated the market in the last two months, trading 43.44% below its 52 week high price of ₦4.19. 

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