NSE Trading Summary for Friday 17 January 2020

BULLS MAINTAIN MOMENTUM
Trading activities closed the week green. NSE All-Share Index and market capitalization appreciated 0.91% & 0.79% to close at 29,618.52 basis point & N15.26 trn respectively.

Overall year-to-date return = 10.34%.

UBA led the volume log with 65.74 million units followed by ACCESS with 47.47m and ZENITHBANK with 38.28m units. ZENITHBANK led the value chart with N844.89m followed by UBA with N584.80m and ACCESS with N495.53m.

CBN official exchange rate closed N306.90/$; Investors & Exporters FX rate closed at N361.84/$, while the parallel market rate closed N362/$.

At time of writing this report (4:40 pm), Brent Crude was being traded $64.78/p/b in the international commodities market.

ACTIVITY LEVELS
Total volume of 324.97m units of stocks worth N3.55b was exchanged in 4,175 deals. Financial Services Sector accounted for 71.20% of total volume traded (73.14% of value), Industrial Goods accounted for 7.66% of total volume (18.34% of value) while the ICT Sector accounted for 7.20% of volume (3.43% of value traded).

MARKET BREADTH CLOSED NEGATIVE
Advancers/Decliners ratio = 0.81x (negative for the day) with 13 gainers and 16 losers.

CORNERST led the gainers' chart with an increase of 7.41% to close at N0.58. It was followed by UACN and ACCESS which gained 7.00% and 4.35% to close N10.70 and N10.80 respectively. Decliners' log was led by GOLDBREW which lost 8.99% to close N0.81. In the same vein, OMATEK and CHIPLC shed 8.89% and 7.69% to close the day at N0.41 and N0.36 respectively.

OUTLOOK FOR NEXT WEEK
Next week, we expect positive real return amidst continued depressed fixed income yields; also attractive dividend yield should drive market performance.

We are of the opinion that investors and fund managers will continue to take advantage of cheaper valuations of stocks that are underpriced, as they rebalance their portfolios. We advise investors to review their positions in line with investment goal/strength of the company numbers and act as events unfold in the global and domestic environment. However, we would like to reiterate that investors go for equities with good fundamentals and intrinsic values.

DISCLAIMER
The info, opinions and recommendations contained herein are and must be construed solely as statements of opinion and not statements of fact. No warranty, express or implied, as to the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any such recommendation or information is given or made by Arthur Stevens Asset Management Ltd in any form or manner whatsoever.

SOURCE (abridged): Arthur Stevens Asset Management Ltd