May 20 (Lagos) - Despite a relatively bearish session yesterday with 29 stocks declining against 21 advancers, market was able to post a 105bps rebound with significant gain in the large cap telecoms stock
MTNN (+568bps) also propping up the NGX30 index by 113bps.
Advances in other counters like
STANBIC (+455bps), ACCESSCORP (+206bps), and
WAPCO (+159bps) helped ensure market’s recovery, cancelling out losses in
CONOIL (-10.00%),
TRANSCORP (-677bps),
FIDELITYBK (-493bps), and
UNILEVER (-164bps) among others.
Meanwhile, block transactions seen in
MTNN (about 17m units at N270 worth N4.59b) helped improve activity level. However, only traded value improved by 13.75% to print at N8.4, while traded volume declined by 55.15%.
What will shape the market tomorrow?
Analysts at Vetiva securities limited think that the market continues to trade bearish as seen in the negative market breadth despite yesterday's recovery. For the last trading session of the week, they expect the market to trade mixed with a chance of recovery in the banking sector given this week’s negative activity.
Stocks to Watch
On the bid Cart:
MTNN opened the session with N14.50 share price appreciation on the back of the cross trade done at the closing price of N 270. The telecoms company has posted a YTD gain of 37.06%.
On the Offer Cart: Investors took profit in the oil and gas space with two of its players finishing on top of the losers chart.
CONOIL and
ETERNA closed lower with a 10.00% and 9.59% price depreciation, reducing their YTD return to 28.86% and 30.69% respectively.
reporting for easykobo.com on May 20 2022
Source - Analysts at Vetiva securities limited.