The 933bps gain in SEPLAT was not enough to cushion the effect of the significant price declines seen across board - INTBREW (-973bps), NGXGROUP (-870bps), WAPCO (-769bps), DANGSUGAR (-769bps), and FIDELITYBK (-500bps), as the All-Share index took a 26bps loss to settle at 47,360.79 points. Asides from the positive activity in SEPLAT, price appreciations were also recorded in the likes of FCMB (+812bps), NEM (+838bps), CAVERTON (+132bps), and HONYFLOUR (+132bps), however, these weren’t enough to lift the market. Activity level trended down, with traded volume and turnover declining by 24.43% and 46.99% to 279m units and N4.1 billion respectively. Similar to yesterday’s session, market sentiments remain bearish at 0.44x, after 34 stocks fell and 15 closed up.

What will shape the market tomorrow?

We expect investors to continue to react and trade in line with earnings reports as seen in DANSUGAR. Investors sold down on the name, following declines in their PAT and dividend payment. This will likely translate to investors cherry picking counters with more attractive dividend yield across board.

Stocks to Watch

On the bid Cart: SEPLAT continued its ascent in today’s session, closing on the top gainers chart for the second consecutive session. The oil and gas company has returned a capital gain of 20.25% this week, improving YTD return to 59.08%.  

On the Offer Cart: Reducing YTD return to 16.08%, investors took profit in NGXGROUP, closing the session on the top losers chart with a 8.70% price decline to settle at N23.10.