The weeks draught was brought to an end by the Banking Bulls   

09 Feb 2022: Halting this week’s bearish run, the equity market ended the session 21bps up to settle at 47,157.23 points. All sectors contributed to the positive performance, with the banking index leading the pack with a 168bps gain, largely on the back of capital gains in the likes of UBN (+684ps), ACCESS (+294bps), ETI (+250bps), and STERLNBANK (+118bps). Gains were also recorded in FLOURMILL (+434bps), OANDO (+60bps), and JBERGER (+39bps), reducing the impact of losses in AIICO (-274ps), HONYFLOUR (-174bps), WEMABANK (-115bps) and PRESCO (-48bps), as the session was dominated by the buyers, closing market breath positive at 1.93x, after 27 stocks inched up while 14 declined. On the other hand, market activity traded mixed, with volume improving by 24.68% to 296m units, while turnover declined by 7.69% to N4.69 billion.


What will shape the market tomorrow?

With mixed sectoral performance, we expect to see the market sustain today’s positive close, barring any significant price dip in any of the large-cap stocks.


Stocks to Watch


On the bid Cart: UBN closed the day on the top gainers chart following yesterday’s flat close. The banking counter settled at N6.25, improving YTD return to 5.93%.  

On the Offer Cart: With YTD loss now at 20.22%, UPDCREIT closed the session with a 2.74% price decline to close at N3.55.

Source: Vetiva Securities Limited in Victoria Island

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