Despite getting a flat tire, the bourse made it to the finish line, courtesy the telecomm sector.   

Despite the red close across sectors, the ASI scored a 9bps gain to settle at 47,109.25 points. The positive close was largely on the back of marginal gains recorded in the telecoms space - AIRTELAFRI (+80bps) and MTNN (+50bps), while pockets of gains in stocks like UACN (+652bps), STANBIC (+221bps), and JAPAULGOLD (+857bps) also reduced the impact of losses in LIVESTOCK (-350bps), NAHCO (-136bps), GTCO (-114bps) and DANGCEM (-47bps), as the session was dominated by the sellers. Consequently, market breath closed negative at 0.63x, after only 19 stocks inched up while 30 declined. Meanwhile, market activity improved, as volume and turnover increased by 16% and 116% to 318m units and N8.2 billion respectively, with trades in MTNN accounting for 52% market turnover.


What will shape the market tomorrow?

Today’s session had stocks yielding to the sell pressure, hence the negative close across board. We anticipate a mixed session tomorrow, as investors begin to take advantage of the price dip in some of these counters.


Stocks to Watch


On the bid Cart: RTBRISCOE continues the uptrend closing the day on the top gainers chart with a 8.70% price appreciation to settle at N0.50. The stock has returned YTD gain of 150%.

On the Offer Cart: UPDC continues to trade mixed, this time closing the session as the worst performing stock with a 6.36% decline, increasing YTD loss to 13.45%.

Source: Vetvia Securities Limited at Victoria Island.

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