June 21 (Lagos) - Picking up from last week’s negative close, the ASI started off with a 197bps decline to settle at 50,756.74 points, amid significant losses in the 2 industrial goods counters -
DANGCEM (-10.00%) and
WAPCO (-466bps).
The consumer goods sector also contributed to bearish performance with declines in
INTBREW (-960bps),
FLOURMILL (-857bps) and
UNILEVER (-133bps). With the positive activity recorded in JAIZBANK (+532bps),
ZENITHBANK (+280bps) and
STERLNBANK (+65bps), only the banking sector closed in the green, while others closed south.
Similarly, trade levels recorded lower volumes in comparison to Friday’s data, as traded volume and turnover fell by 18% and 31% to 196m units and N 2.5 billion respectively. Finally, market sentiments worsened, contracting further to 0.23x, after 7 stocks closed green and 31 declined.
What will shape the market tomorrow?
We saw sell-offs in the banking space moderate today amid price recovery in selected names while other sectors yielded to the sell pressure. Given the current economic situation leading to higher yields in the fixed income space, analysts at Vetiva securities limited in Victoria Island anticipate continued tepid trading in the equities market.
Stocks to Watch
On the bid Cart: JAIZBANK started the week as the best performing stock with a 5.32% price appreciation to settle at N 0.99. The banking counter has posted an impressive YTD gain of 76.79%.
On the Offer Cart: With only 460,028 traded shares in DANGCEM, the industrial goods stock closed the session limit-down and fully offered at N 249.30. Today’s 10.00% decline has eroded YTD gain to -3.00%.
reporting for easykobo.com on Monday, June 20 2022 from Lagos, Nigeria
Source - analysts at vetiva securities ltd in Victoria Island, Lagos