22 July 2019

On the Bid Cart:  UBA declined to a 52-week low (N5.50) at the close of last week but rose 818bps in today's session to settle at N5.75  after investors capitalized on the low price of the stock. Other Tier-1 banks such as ZENITHBANK (-54bps) and GUARANTY (-51bps) also hit their 52-week lows this month. UBA has declined 23% YTD (Banking Sector: -16% YTD; ZENITHBANK: - 20% YTD).
   

On the Offer Cart: NASCON shed 10.00% to lead the offer cart today, closing at its lowest point since October 2017 (N13.50). The stock was trading with a 0.1x bid/offer ratio (N0.50 spread) at the close of trading. NASCON traded as high as N21.70 (52-week high) early in March this year but has since declined 38%. The company is currently trading at a 25% discount to its year open price.

Reporting for EasyKobo on Monday , 22 July 2019 in Lagos, Nigeria

Source: Vetiva Capital Management Limited