Aug 4 (Lagos) - With some impressive and fair earnings results hitting the market during the course of the long break, the domestic bourse started the month with a positive performance, rising 29bps to close the day at 24,766.12 points.
The upward movement resulted from barging hunting in shares such as
BUACEMENT (+203bps),
GUARANTY (+156bps) and
UBA (+161bps) among others, mitigating the impact of declines in
UACN (-10.00%),
DANGSUGAR (-377bps) and
ETI (-120bps). Similarly, activity level recovered from what was recorded in the previous session as total volume and value traded increased by 83.65% and 34.54% respectively, while trades in
GUARANTY and
ZENITHBANK accounted for 41.68% of total market turnover.
Likewise, market breadth started the week on a positive note, closing at 1.13x as 18 stocks closed in the green while 16 settled south.
Stocks to Watch
On the Bid Cart:
FLOURMILL trailed
NEIMETH (+10.00%) as the second best performing stock for the day, gaining 997bps to close the day at N 18.75. The impressive performance came on the back of its FY'20 earning results where revenue was up +8.79% while PAT increased significantly by 184.41% from the N 4.00bn recorded in the last calendar year to N 11.38bn.
On the Offer Cart:
UACN closed today's session as the highest decliner for the day, down by 10.00% to close the session at N 6.30. Today's downward movement resulted from a negative reaction to its H1'20 earning results where revenue and PAT dropped by 8.72% and 55.43% respectively. Following today's downward movement, its YTD performance worsened to -29.21%.
reporting for easykobo.com on Tuesday, August 4 2020 from Lagos, Nigeria
Source - analysts at Vetiva Capial Management Ltd in V.I, Lagos.