The equity market picked up from Friday’s negative return, closing the first trading session 29 bps down at 47,066.77 points. NGXGROUP (-566bps), HONYFLOUR (-429bps), AIRTELAFRI (-165bps), OANDO (-160bps),  and WAPCO (-93bps) were part of the losing contingent, while GUINNESS (+10.00%), CHAMPION (+758bps), TRANSCORP (+86bps) and ZENITHBANK (+56bps) closed the session higher. Despite the negative close, market activity stayed elevated, with volume traded improving by 8.52% to close at 338m units while turnover increased by 29.41% to print at N5.6 billion. Notably, the banking sector dominated today’s session with trades in FIDELITYBK, ACCESS, STERLNBANK, and GTCO accounting for 34.72% of market’s traded volume. Finally, market saw equal number of gainers and losers with 23 of each.

What will shape the market tomorrow?

Positive activity in names like GUINNESS continue to lift the consumer goods sector, as increased buy interest amid strong valuations push the price higher. We are likely to see another bearish close due to profit taking activities, while market trades mixed.

Stocks to Watch

On the bid Cart: GUINNESS started the week as one of the best performing stocks with a 10.00% climb to close at N66.55. Following its recent price rally, the consumer goods stock has retuned a YTD profit of 70.64%.  

On the Offer Cart: Following its green closes last week, investors took profit in NGXGROUP, shedding 4.59% to close at N25.00. YTD return currently at 25.63%.

Source: Vetiva Securities Limited at Victoria Island