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Equity Market Report - 29 July, 2020
(Source: Vetiva Research, Date: 29-Jul-2020)
Daily Equity Market Report,
29th July, 2020

From the trader's desk...
Recovery in SEPLAT
(+10.00%) coupled with capital appreciation in BUACEMENT (+103bps) and FBNH (+101bps) among others returned the ASI to the positive region, rising 18bps d/d to close the week at 24,693.73 points. However, activity level maintained its downward slope as total volume and value traded again slipped 32.48% and 50.78% respectively. The domestic bourse however saw a bullish performance for the week, as the index gained 1.09% WoW while two of the five major sub sectors closed in the green. The Industrial goods sector led the gainers table for the week, up by 3.63% WoW, while the Oil & Gas sector emerged as the worst performing sector, shedding 6.51% WoW (largely due to the 10.71% decline in SEPLAT).     
For a breakdown of stock performances, please see the pricelist.

What will shape the market tomorrow?
We attribute the positive WoW performance to the significant movement recorded in the Industrial goods sector on Monday due to the better than expected earning results posted by some companies in the sector. Upon resumption from the Eid-el-Kabir (salah) holiday on Monday, we expect the market to continue to react to some of the earnings results that will be posted by other bellwether stocks in the coming days.               
Stocks to Watch
On the Bid Cart: After dropping about 19.00% in the last two sessions, SEPLAT saw a reversal today, gaining
10.00% to close at its inta-day maximum price of ₦310.20. The positive performance resulted from bargain hunting in the counter which had dropped significantly in recent times thereby pushing the stock below its fair value as investors continue to price in their pessimism in their valuations.       

On the Offer Cart: WAPCO closed today's session as one of the decliners for the day, down by 208bps to end the week at ₦11.75. Today's downward movement resulted from profit taking in the counter that rose 9.59% on Monday after releasing its H1'20 result where revenue increased marginally by 2.25% YoY while PAT increased significantly by 158.95% YoY.

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