Oct 12 (Lagos) - After seven consecutive sessions of positive activity, the equity market started the week on a negative note, shedding 38bps to settle at 40,714.22 points.
This came on the back of sell-offs in
NB (-606bps),
HONYFLOUR (-309bps),
STANBIC (-256bps),
BUACEMENT (-250bps), and GTCO (-210ps) among others, offsetting gains in counters like
ETI (+984bps),
WAPCO (+493bps),
CAVERTON (+298bps), and
ACCESS (+53bps).
Activity level declined, as trade volumes plummeted by 42.23% to 191 million, while turnover dipped by 11.26% to N 2.5 billion. Lastly, market saw equal number of gainers and losers, as the session ended with 17 of each.
What will shape the market tomorrow?
In the absence of block trades, market activity trended down amid a mix of buy and sell-side interests. Tomorrow, we expect trades in the banking space to continue to boost activity levels, while profit taking activities persist.
Following the increased demand in
ETI last week, the counter started the week among the top gainers, rising 9.52% to close at N 6.90. The Banking counter has returned 27.80% in the past week, while YTD profit stands at 15.00%, outperforming the sector which has lost 0.63% YTD.
NB started the week on the losers table, shedding 6.06% to close at N 46.50, extending its YTD loss to 16.96%.
reporting for easykobo.com on Tuesday, Oct 12 2021