Equity Market Report - 28 May, 2020 (Source: InfoWARE, Date: 28-May-2020)
Daily Equity Market Report,
28th May, 2020


From the trader's desk...
After six consecutive sessions of capital appreciation, the ASI halted its winning streak as profit taking in counters that had gained in the previous sessions closed the index south. The domestic bourse lost
22bps to close lower at 25,166.01 points despite gains in the two most capitalized stocks DANGCEM (+87bps) and MTNN (+87bps). Similarly, activity level for the day plotted a downward slope as total volume and value traded reduced by 40.13% and 38.60% respectively compared to yesterday's figures. However, the market breadth remained positive, closing at 1.06x (though lower than the 2.91x recorded yesterday), as 19 stocks closed higher while 18 stocks closed in the red.  

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



What will shape the market tomorrow?
The domestic bourse saw a trend reversal from its upward movement, as investors took profit on some of the gains made in the last few sessions. In the absence of significant upward movement in large cap stocks tomorrow, we anticipate another bearish session amid continued profit taking action.
 
Stocks to Watch
On the Bid Cart: CUTIX emerged as the best performing stock today, gaining
994bps to close at ₦1.88. Just like other counters, CUTIX has also benefited from the renewed interest at the local bourse, rising over 40.00% in less than ten sessions, while increasing its YTD performance to +41.18%.



On the Offer Cart: Profit taking in the Banking (-2.79%), Oil & Gas (-0.63%) and the Consumer goods (-0.07%) sectors closed the index in the red, as ETI (-992bps), UBA (-625bps), FLOURMILL (-476bps), FBNH (-251bps), ACCESS (-340bps), ZENITHBANK (-251bps) and GUARANTY (-181bps) among others recorded capital depreciation.    

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