Sep 9 (Lagos) - The domestic bourse started the week on a negative note extending last week's bearish performance (27,089.84bps). The index dropped 21bps mainly due to end of day declines in
NESTLE (-573bps),
STANBIC (-270bps) and
ACCESS (-145bps). Similarly, volume and value traded dropped 6.67% and 33.27% respectively with
GUARANTY (+134bps) dominating turnover, accounting for 78.69% of total value traded.
However, market breadth closed positive at 1.07x as 15 stocks advanced while 14 declined.
What will shape the market tomorrow?
In spite of the positive market breadth recorded in the local market today, we expect the market to continue its bearish trading pattern tomorrow in market most capitalized stocks in the absence of any major (positive) events. Investor sentiment in the market remains weak as cautious trading strategy is being adopted by local players in the seemingly persisting bearish trend.
Stocks to Watch
On the Bid Cart:
FBNH started the week as one of the best performing stocks after gaining 690bps to close at N 4.65. Today's capital appreciation in the counter resulted from buying interest in the stock that opened the day at the lowest price in 52 weeks (N 4.35).
FBNH traded over 41m units of shares (c.32m crossed) today, with most trades occurring on the bid side. Likewise, gains in
UACN extended into the new week as the stock rose 909bps to settle at N 6.60, a 46.67% gain over just 6 sessions.
On the Offer Cart:
LIVESTOCK emerged as the worst performing stock for the day declining 714bps to close at ?0.39. The stock trades at a discount of 45.83% to its year high (N 0.72) and 95.67% to its all time high (N 9.00), while posting a YTD loss of 20.41%.
reporting for easykobo.com on Monday, Sep 9 2019 from Lagos, Nigeria