Equity Market Report - 09 July, 2020
(Source: Vetiva Research, Date: 09-Jul-2020)
Daily Equity Market Report,
9th July, 2020
From the trader's desk...
The domestic bourse could not sustain yesterday's upward movement as declines in FBNH (-94bps), DANGSUGAR (-86bps) and ACCESS (-78bps) eroded gains in GUARANTY (+111bps), ZENITHBANK (+60bps) and BUACEMENT (+12bps). Following the declines, the ASI declined marginally by 1bps to close at 24,276.56 points. Market activity for the day however plotted a downward slope compared to what was recorded yesterday, with volume and value traded reducing by 17.45% and 47.43% respectively. With 10 stocks closing north against 15 stocks which closed south, market breadth for the day returned to the negative territory to settle at 0.67x.
For a breakdown of stock performances, please see the pricelist.
What will shape the market tomorrow?
The Nigerian equities market closed down marginally today amidst profit taking action in the Consumer goods (-64bps d/d) and Oil & Gas (-44bps d/d) sectors. In the absence of positive catalyst capable of lifting market sentiment, we expect another pressured session tomorrow.
Stocks to Watch
On the Bid Cart: LAWUNION emerged as the best performing stock for the day, rising 700bps above its opening price to close the session at ₦1.07. The significant gain in the insurance stock coupled with the buying interest in AIICO (+330bps) lifted the Insurance sector by 64bps d/d. With today's positive performance, its YTD return increased to +114.00%.
On the Offer Cart: CONOIL led the other 14 decliners for the day, shedding 10.00% to close at its intra-day low price of ₦18.90. However, in spite of the persistent sell pressure witnessed at the domestic market so far in the year, the counter has been defensive, sitting at a positive territory YTD (+1.61% YoY), while trading at a 43.73% premium to its 52 week low price of ₦13.15.