What will shape the market tomorrow?   

July 19 (Lagos) - The NGX ASI halted its negative run today, gaining 21bps to close the week at 37,947.18 points. The market was lifted by gains in UCAP (+317bps), ACCESS (+222bps), FBNH (+139bps), MTNN (+61bps), and GTCO (+34bps) among others. Among the losers, JAIZBANK (-508bps), DANGSUGAR (-113bps), and WAPCO (-23bps) were unable to reverse the day’s gain, moderating the WoW loss to 12bps. 

Meanwhile, activity level improved significantly, as volume traded advanced 66.72% to 266.7m units, while market turnover improved by 228.06% to N 3.04 billion. This was largely due to the cross trade in GTCO (72.6m units) which accounted for 70% of the total turnover. Finally, market saw equal number of gainers and losers with 15 advancers and decliners.

Analysts at Vetiva Securities Ltd expect market activity and direction to be largely influenced by corporate earnings release, just like we saw in UCAP on Friday, after releasing an impressive Q2 result. Investors will also continue to position in fundamentally sound names ahead of more Q2 earnings release.

Stocks to Watch

On the bid Cart: UCAP released their H1’21 result after market closed yesterday, reporting 54% and 64% improvement in Top-line and bottom-line respectively. The counter gained 3.17% in today’s session, closing at N 6.50. The stock has returned 38% YTD.

On the Offer Cart: CHIPLC closed the week on top of the losers chart after shedding 9.23% to close at N 0.59. However, the Insurance stock has gained 84.38% YTD.

reporting for easykobo.com on Monday, July 19 2021 from Lagos, Nigeria

Source - analysts at Vetiva Securities Ltd in Victoria Island.
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