From the trader's desk... Bearish trend sustained at the domestic bourse, as the bears again led the market south, with the ASI declining 28bps to close at 25,424.91 points. The local market remained pressured amidst profit taking in counters which gained in the last few weeks. The laggards for the day are; UNILEVER (-400bps), ZENITHBANK (-296bps)and OKOMUOIL (-127bps) among others. However, activity levels for the day saw an improvement, with total volume and value traded rising 7.01% and 40.48% respectively, while trades in GUARANTY, ZENITHBANK and MTNN accounted for about 61.00% of total market turnover. Investors sentiment as measured by the market breadth continued to wane, reducing from the 0.52x recorded yesterday to 0.30x (7 gainers vs 23 decliners). For a breakdown of stock performances, please see thepricelist.
What will shape the market tomorrow? As expected, the ASI posted another negative performance as the persistent drop in the global Crude oil prices, as well as the resurgence of Covid-19 cases in some major cities of the world continued to adversely affect investors' sentiment. With the market breadth closing deep in the red today coupled with the bearish sectoral performances, we expect the downward trend to filter into tomorrow's session. Stocks to Watch On the Bid Cart:FIDSON closed today's session as the best performing stock, recording a gain of 728bps to close at ₦3.98. Despite the persistent sell pressure witnessed so far in the equities market this year, the counter has been defensive, positing a YTD return of 42.14%, while also trading at a premium of c.100.00% to its 52 week low price of ₦1.99.
On the Offer Cart: The market was dominated by the Bears as the index again closed south due to price declines in counters such as UACN (-476bps), UNILEVER (-400bps), UBA (317bps), ACCESS (-299bps), ZENITHBANK (-296bps), FBNH (-198bps), OKOMUOIL (-127bps)and ETI (-120bps).