Equity Market Report - 05 October, 2020
(Source: Vetiva Research, Date: 05-Oct-2020)
Daily Equity Market Report,
5th October, 2020
From the trader's desk...
Still on its bullish run, the ASI extended its positive performance into the new week, ending the first trading session up by 2.11% to close at 27,554.56 points. The domestic bourse closed deep in the green due to the continued interest in counters such as; AIRTELAFRI (+532bps), MTNN (+385bps), PRESCO (+377bps) and SEPLAT (+250bps) among others. Similarly, activity levels maintained its upward direction, with the total volume and value traded for the day increasing significantly by 31.34% and 72.48% respectively, while trades in ZENITHBANK and GUARANTY contributed about 66.08% of the total turnover for the day. Investors' confidence as measured by the market breadth also remained positive, closing at 3.60x as 36 stocks settled in the green while 10 stocks closed south.
For a breakdown of stock performances, please see the pricelist.
What will shape the market tomorrow?
With the consistent injection of funds into the equities market, the domestic bourse again recorded another significant upward movement (+2.11% d/d), while the YTD performance improved further to +2.65%. Taking a cue from the positive performances of major indicators such as; the market breadth (+3.60x), increased activity levels, coupled with the positive sectoral performances, we expect no deviation from this bullish pattern tomorrow, though we envisage profit taking action in some individual tickers as witnessed today.
Stocks to Watch
On the Bid Cart: The domestic bourse continued to enjoy positive investors' patronage, as savvy investors again took position in fundamentally sound stocks such as FBNH (+673bps), ACCESS (+597bps), WAPCO (+561bps), AIRTELAFRI (+532bps), ZENITHBANK (+526bps), MTNN (+385bps), PRESCO (+377bps), SEPLAT (+250bps) and GUARANTY (+241bps) among others.
On the Offer Cart: In spite of the overall positive sentiment witnessed today, a few counters such as; OANDO (-873bps), UBN (-200bps), FIDSON (-85bps), UACN (-77bps) and NB (-41bps), experienced some corrections in their share prices, thereby pushing them into the negative territory.