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Equity Market Report - 28 September, 2020
(Source: Vetiva Research, Date: 28-Sep-2020)
Daily Equity Market Report,
28th September, 2020


From the trader's desk...
With the continued interest in a number of mid\large cap stocks such as; TOTAL
(+10.00%), BUACEMENT (+480bps), OKOMUOIL (+256bps) and MTNN (+202bps), the Nigerian equities market extended its bullish performance into the new week, ending the first trading session up by 72bps to close at 26,507.84 points. Just like the previous session, activity levels for the day closed mixed, with the total volume traded increasing slightly by 0.30% while total value traded declined marginally by 5.80%, while trades in ZENITHBANK, MTNN and GUARANTY accounted for 65.60% of total turnover. Similarly, investors' sentiment as measured by the market breadth remained positive closing at 3.14x, courtesy of 22 gainers against 7 decliners.                                       
  
For a breakdown of stock performances, please see the pricelist.



What will shape the market tomorrow?
With the continued inflow of funds into the equities market, a number of fundamentally attractive counters continued to witness positive investors' patronage (evidenced by the positive market breadth coupled with the bullish sectoral performances). With yields in the equities market still looking more attractive than those in the fixed income space, we expect a number of bellwether stocks and dividend paying stocks to continue to trade upward as investors increasingly take position in decent counters. However, with the presence of short term players in the market, the possibility of profit taking cannot be overruled.                      
                              
Stocks to Watch
On the Bid Cart: The domestic bourse again benefited from gains in mid/large cap stocks amidst positive renewed interest. Subsequently, counters such as TOTAL
(+10.00%), OANDO (+985bps), WAPCO (+631bps), BUACEMENT (+480bps), FBNH (+388bps), OKOMUOIL (+256bps), MTNN (+202bps), JBERGER (+191bps), ACCESS (+75bps) and FLOURMILL (+70bps) all closed in the green.                                             



On the Offer Cart: SEPLAT emerged as the lone large cap decliner for the day, shedding 50bps to close at ₦398.00. Today's downward movement resulted from profit taking in the counter which closed as one of the gainers in the previous week. With the negative performance recorded today, its YTD performance worsened to -32.78%. 
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