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Equity Market Report - 09 June, 2020
(Source: Vetiva Research, Date: 09-Jun-2020)
Daily Equity Market Report,
9th June, 2020


From the trader's desk...
Undeterred by price declines in MOBIL
(-996bps), FBNH (-273bps), ACCESS (-74bps) and GUARANTY (-21bps), the ASI continued on its upward trajectory, rising 34bps to close higher at 25,335.15 points. Gains in BUACEMENT (+410bps), DANGSUGAR (+275bps) and UBA (+74bps) sustained positive close despite the 48.25% drop in total value traded,  while volume traded rose marginally by 16.60%. However, as against the 2.82x posted yesterday, the market breadth closed lower at 0.62x, as 13 stocks closed higher against 21 which closed in the red. 

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



What will shape the market tomorrow?
The domestic equities market witnessed an upswing in today's session, as investors' bargain hunting activities in a few mid/large cap stocks overshadowed profit taking in the Banking and Oil & Gas sectors. Given the negative market breadth posted today coupled with the declining market activity in the last two sessions, we anticipate a session filled with profit taking tomorrow.     
 
Stocks to Watch
On the Bid Cart: BOCGAS emerged as the top gainer for the day, appreciating
10.00% to close at its intra-day maximum price of ₦4.51. Just like most counters at the domestic bourse, the manufacturer of industrial gases has not been spared from a number of factors that have adversely affected the equities market, posting a -18.00% YTD returns (though lower than the -25.45% recorded in the previous session).



On the Offer Cart: MOBIL led the other 20 decliners in today's session, after shedding 996bps to close lower at ₦192.60. Today's performance resulted from profit taking on the counter which benefited from the short term rally witnessed in the last two weeks. Following today's performance, its YTD return reduced to +30.22% (against the 44.62% recorded yesterday).         
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