Nov 30 (Lagos) - Following the recent bearish sentiment in the market, sell-offs continued in major sectors as the domestic bourse saw a bit of profit taking today. Analysts at Vetiva expect a mixed trading pattern today, with continued profit taking in some tickers whilst also taking positions in some fundamentally sound stocks due to recent price dip.
Major indices continue to trade in the red, as the market opened the week on a bearish note, shedding 9bps to close at 43,270.94 points. The negative performance resulted from declines in UPDC (-992bps),
INTBREW (-400bps),
OANDO (-278bps), PREESCO (-124bps), and
ZENITHBANK (-62bps) amongst others, which eroded gains in the likes of
AIICO (+857bps),
VITAFOAM (+186bps),
ACCESS (+111bps), and
HONYFLOUR (+101bps).
However, compared to the 305m units and N 3.57 billion recorded on Friday, activity levels for the day plunged, with total volume and value traded declining by 30.20% and 34.05% respectively, while trades in GTCO, ZENITHBANK,
FCMB and
ACCESS accounted for 38% of market turnover. Lastly, market breadth trended lower, closing at 0.67x after 21 stocks declined and 14 gained.
On the bid Cart: For the third consecutive session,
AIICO closed on the top gainers chart, with a 8.57% price appreciation yesterday to close at N 0.76.
On the Offer Cart: UPDC continued its downward trend yesterday following Friday’s 5.07% loss, closing the session 9.92% down to settle at N 1.18. However, the real estate company has returned 49.40% YTD.
reporting for easykobo.com on Tuesday, Nov 30 2021 from Lagos, Nigeria
Source - analysts at Vetiva securities ltd in Victoria Island, Lagos