30th May, 2019

On the Bid Cart: UBA led the bid cart today after gaining for the second consecutive session. The stock rose 560bps to settle at N 6.60 in it's third session of gains in the last four sessions, trading with a 2x bid/offer ratio at market close. UBA hit its year low of N 5.65 on the 23rd of May, 2019 after shedding 19% over twenty sessions. The Tier 1 bank is now trading 17% above its year low and has declined 14% YTD (8% decline in the Banking sector YTD).

On the Offer Cart:  ETI shed 785bps today to settle at N 11.15 after a four session 32% rally during which it dominated the bid cart. The stock was on full offer at the close of trading. Investors took profit on the prior gains following the stock bottoming out last week at N 9.15. The stock briefly traded above N 12.00 during this rally and has declined 20% YTD. 

Reporting for EasyKobo on Thursday , 30 May 2019 in Lagos, Nigeria

Source: Vetiva Capital Management Limited