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Equity Market Report - 07 October, 2020
(Source: Vetiva Research, Date: 07-Oct-2020)
Daily Equity Market Report,
7th October, 2020


From the trader's desk...
Following 12 consecutive sessions of capital appreciation, the domestic bourse halted its winning streak, as profit taking action in some of the previous gainers such as; UNILEVER
(-989bps), ZENITHBANK (-601bps), GUARANTY (-159bps) and MTNN (-154bps) among others pushed the index south. Consequently, the ASI dipped 95bps to close at 28,634.35 points, while the YTD return reduced to +6.68% from the +7.70% recorded yesterday. The index was down 147bps at some point during the session before regaining some points and eventually closing at 95bps. Activity levels maintained its up trend, as the total volume traded for the day increased 11.36% while the turnover for the day appreciated slightly by 0.46%. Similarly, the Banking stocks  again dominated the market turnover, with trades in the sector accounting for 66.05% of the total value traded for the day, courtesy of large deals in ZENITHBANK, GUARANTY and FBNH. On the flip side, as against the 5.63x posted yesterday, the market breadth slipped to the negative territory, closing at 0.68x, as 21 stocks closed north while 31 stocks closed the day south.                                            
  
For a breakdown of stock performances, please see the pricelist.



What will shape the market tomorrow?
The domestic bourse traded most of today's session in the red as profit taking action in major counters ended the bullish run. Similarly, all sectors closed lower (with the exception of the Oil & Gas sector which rose 0.24% d/d), while the market breadth also closed in the negative region. However, giving that the activity levels remained on the high side, we expect some counters to be positively patronized tomorrow, though we expect a continued profit taking action in others due to the recent gains.                            
                              
Stocks to Watch
On the Bid Cart: The Oil & Gas sector emerged as the lone gainer for the day, advancing
0.24% d/d. With the absence of declines in major large cap stocks in the sector, the sector was saved by gains in OANDO (+262bps) and ARDOVA (+39bps), while improving its YTD performance to -23.89% from the -24.07% posted yesterday.                                                   



On the Offer Cart: Having gained in the last few weeks, investors resulted into taking advantage of the gains recorded in the last twelve sessions, thereby taking profit in counters such as; UNILEVER (-989bps), ZENITHBANK (-601bps), GUINNESS (-566bps), WAPCO (-427bps), DANGSUGAR (-290bps), UBA (-284bps), ACCESS (-7.55bps), GUARANTY (-159bps), MTNN (-154bps) and DANGCEM (-13bps) among others. 
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