Nov 27 (Lagos) - 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 N 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).
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 N208.80. 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.
reporting for easykobo.com on Friday. Nov 27 2020 from Lagos, Nigeria
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