Equity Market Report - 22 May, 2020 (Source: InfoWARE, Date: 22-May-2020)
Daily Equity Market Report,
22nd May, 2020


From the trader's desk...
The domestic market maintained its bullish run all through the week, as the ASI ended the last trading session of the week higher by
180bps to 25,204.75 points. The index rode on the back of gains in MOBIL (+997bps), BUACEMENT (+955bps), NB (+533bps) and MTNN (+360bps) while reducing the impact of declines in GUARANTY (-104bps) and ZENITHBANK (-29bps). Activity level again maintained a downward slope as total volume and value dropped further by 25.98% and 22.25% respectively. However, it was a bullish week for the equities market, as the ASI closed in the green in all of the five days trading session. Following the consistent BUY interest, the WTD performance closed positive at +5.59% while the YTD performance moderated to -6.10% (vs 11.07% recorded a week ago). Similarly, the bullish performance filtered across sectors, as all sectors closed the week higher, led by the Industrial goods sector which gained 15.45% (courtesy of gains in BUACEMENT and DANGCEM), while the Banking (+7.24% WoW), Oil & Gas (+4.89% WoW), Insurance (+2.02% WoW) and the Consumer goods (+0.89% WoW) sectors followed accordingly.   

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



What will shape the market tomorrow?
Just as expected, we saw a mixed trading session today as investors continued to take advantage of some cheap counters while taking profit on some other tickers that has gained substantially in recent times. However, taking a cue from the improving events in the global space as well as the positive market breadth posted today (1.80x), we expect the market to continue on its upward trend (though at a slower rate) upon resumption from the holiday on Wednesday.

 
Stocks to Watch
On the Bid Cart: Just in line with the trend seen in the previous sessions this week, investors' once again took position in a number of fundamentally sound stocks presumed to be trading at discounts, and as such MOBIL
(+997bps), UACN (+987bps), BUACEMENT (+955bps), ETI (+874bps), NB (+533bps), FLOURMILL (+500bps), MTNN (+360bps), UNILEEVR (+334bps), WAPCO (+227bps) and UBA (+149bps) among others recorded capital appreciation today.



On the Offer Cart: Despite the bullish performance recorded today, investors' took profit on some of the gains made in last few sessions, pushing a number of banking stocks such as; FBNH (280bps), GUARANTY (-104bps), STANBIC (-91bps), STERLNBANK (-74bps) and ZENITHBANK (-29bps) to a negative close.   
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