4 March 2022: The bearish trend continued in the equity market today, as all sectors closed the session in the red zone led by the insurance and consumer goods sectors, with 142bps and 69bps losses on the back of sell-offs in counters like NASCON (-833bps), REGALINS (-714bps), HONYFLOUR (-649bps), and GUINNESS (-441bps). Consequently, the All-Share index closed down by 14bps to settle at 47,296.07 points. With the bears dominating the market, only 12 stocks closed in positive territory - AFRIPRUD (+385bps), JAPAULGOLD (+286bps), DANGSUGAR (+64bps), and MTNN (+49bps) amongst others, against the 24 decliners putting market breath at 0.50x. Meanwhile, market activity trended mixed, with volume declining by 13.05% to close at 243m units, while value traded improved by 65.16% to print at N6.8 billion, after 19.8m units of MTNN shares were crossed at N205, which accounted for 59% of market turnover.

What will shape the market tomorrow?

We are likely to see another negative close given the current bearish sentiments in the market amid profit taking activities.  

Stocks to Watch

On the bid Cart: JAIZBANK recovered by 5.71% today following its price decline earlier in the week. The banking stock closed at N0.70, outperforming the sector with YTD return of 32.14%.

On the Offer Cart: Sell pressure persisted in NGXGROUP today, shedding 9.96% to close at N20.80, bringing YTD return to 4.52%.

Source: Vetiva Securities Limited at Victoria Island