On the back of a 536bps gain in the oil and gas sector, courtesy of the pent up demand seen in SEPLAT(+999bps), the ASI gained 19bps to settle at 47,482.73 points. Losses recorded in the remaining sectors failed to drag the market - TRANSCORP (-813bps), AFRIPRUD (-714bps), ETI (-418bps), WAPCO (-353bps), and DANGSUGAR (-59bps), even as the session was dominated by the sellers. Consequently, market breath closed down at 0.44x, after 34 stocks declined and only 15 inched up. Meanwhile, market activity improved, as volume and turnover increased by 23.23% and 183.42% to 370m units and N7.8 billion respectively. Notably, trades in MTNN accounted for 58% market turnover, after 19.8m units were crossed at N205.

What will shape the market tomorrow?

Price appreciation in SEPLAT single-handedly lifted today’s market performance, while block transactions continued to elevate activity level. We anticipate a mixed session tomorrow, amid profit taking activities across board.

Stocks to Watch

On the bid Cart: SEPLAT yielded to the buy pressure today after several sessions of trading fully bidded. The oil and gas counter ended the day as the highest gainer, rising 9.99% to close at a year-high of N945.80, with YTD return now at 45.51%.

On the Offer Cart: With YTD return at 285%, investors continue to take profit in RTBRISCOE, following its price rally all through the month of February. The counter closed down by 9.41% to settle at N0.77.