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Equity Market Report - 12 October, 2020
(Source: Vetiva Research, Date: 12-Oct-2020)
Daily Equity Market Report,
12th October, 2020


From the trader's desk...
With the declines in names such as BUACEMENT
(-145bps), MTNN (-36bps), GUARANTY (-33bps) and ZENITHBANK (-25bps) offsetting the effect of gains in SEPLAT (+244bps), ACCESS (+128bps) and NASCON (+41bps), the domestic bourse started the new week on a negative tone, dipping 27bps to close at 28,337.49 points. However, as against the negative performance posted in the previous session, activity levels for the day closed mixed, with total volume traded declining 3.90% d/d, while the total turnover for the day increased by 26.54% (thanks to trades in GUARANTY, ZENITHBANK and UBA which accounted for over 70.00% of the total value traded). Similar with the day's performance, investors' sentiment as measured by the market breadth closed negative at 0.81x (13 gainers vs 16 decliners).                                               
  
For a breakdown of stock performances, please see the pricelist.



What will shape the market tomorrow?
Still on a downward trend, the domestic bourse again settled south due to profit taking action in the Insurance (-178bps), Consumer goods (-91bps), Industrial goods (-54bps) and Banking (-6bps) sectors. With a number of investors still taking advantage of the recent bullish drive, coupled with the reduction of aggressive funds into the equities market, we expect some more price corrections in the next few sessions, though the possibility of bargain hunting cannot be overruled.                               
                              
Stocks to Watch
On the Bid Cart: ETERNA extended its impressive bullish performance, again closing today's session as the best performing stock, with a gain of
992bps to close at ₦3.99. The shares of the manufacturer and marketer of lubricating oil and petrochemicals have been positively patronized in the last few session, driving the stock up by about 60.00% while pushing its YTD performance to +10.83%.                                                      



On the Offer Cart: INTBREW could not sustain Friday's positive performance, ending the day down by 911bps to close at ₦4.29. Having gained over 40.00% in the last few sessions on the back of the recent bullish drive, investors took profit on some of the recent gains, pushing the stock to the negative region. 
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