29th July, 2019

The Nigerian bourse got off to a positive start this week, after the flat performance last week, rising 11bps to settle at 27,950.36 points. The session was characterized by the release of a slew of earnings, which were predominantly mixed. Companies like CCNN, FCMB and DANGCEM improved year on year, meanwhile OKOMUOIL, UNILEVER and TOTAL did not match or beat the prior year. Despite the high influx of results, market activity cooled significantly indicating a mixed reaction to the overall results. Volume and value traded declined 29% and 58% d/d respectively. Meanwhile, market breadth turned 1.3x positive with 19 advances against 14 declines.

What will shape the market tomorrow? 

Sentiment on the exchange was mixed today amidst the release of mixed earnings and bargain hunting on select names. Compared to today’s relatively quiet market, we foresee a mixed and busier session tomorrow with a slightly bearish bias even as H1'19 results continue to trickle in.

Reporting for EasyKobo on Monday , 29 July 2019 in Lagos, Nigeria

Source: Vetiva Capital Management Limited