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Equity Market Report - 26 November, 2020
(Source: Vetiva Research, Date: 26-Nov-2020)
Daily Equity Market Report,
26th November, 2020


From the trader's desk...
In spite of the declines in some Banking stocks like UBA
(-294bps), FBNH (-268bps) and ACCESS (-58bps), the domestic bourse managed to close positive, rising marginally by 10bps to 34,803.00 points. The positive performance for the day resulted from gains in MOBIL (+989bps), GUARANTY (+261bps) and FLOURMILL (+36bps), which mitigated the effect of declines in the earlier mentioned stocks. However, as against the 434.92mn units and ₦6.91bn recorded yesterday, activity level for the day slowed a bit, as the total volume and value traded reduced by 40.78% and 48.94% respectively, even as trades in ZENITHBANK, MTNN and GUARANTY accounted for about 55.00% of the total value traded for the day. Also, as against the positive market breadth posted yesterday (3.26x), investors' showed a lukewarm attitude today as the market breadth closed flat (21 gainers and decliners).                                                                              
  
For a breakdown of stock performances, please see the pricelist.



What will shape the market tomorrow?
The domestic bourse ended today's session in the green, majorly due to the buying interest in counters in the Oil & Gas (+2.77%) and Consumer goods (+0.61%) sectors. Having gained in three of the four sessions so far this week, we expect the local market to experience a mixed trading pattern tomorrow as investors continue to take position in attractive counters while taking profit in some of the stocks which have risen so far in the week.                                                          
                              
Stocks to Watch
On the Bid Cart: MOBIL trailed NCR
(+10.00%) and UPDCREIT (+10.00%) as the third best performing stock for the day, gaining 989bps to close at its intra-day maximum price of ₦208.80. Despite the stock trading just about 166k units in today's session, bulk of the trades went through at higher levels, as the counter's YTD performance increased to +41.18% (SEPLAT: -32.33%; ARDOVA: -23.61%; TOTAL: +17.22%).                                                                         



On the Offer Cart: Having recorded gains in the last two sessions, investors took advantage of some of the recent gains, thereby taking profit in counters such as UBN (-517bps), DANGSUGAR (-315bps), UBA (-294bps), FBNH (-268bps), ETI (-152bps). ETERNA (-110bps) and ACCESS (-58bps) among others. 
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