Only thing better than Sunday, is a Bullish Monday   

5th August, 2019

The Nigerian bourse opened the week on a positive note rising 15bps lifting the index to 27,672.29 points. Market activity declined d/d with value traded dipping 71%. STERLNBANK (31%), ZENITHBANK (25%) and DANGFLOUR (11%) were the major drivers of activity in terms of turnover. Market breadth was 1.3x positive today with 18 stocks advancing while 14 stocks declined. 

What will shape the market tomorrow? 

The ASI traded flat for most of the session, however, end of session activity in MTNN (+98bps) lifted the Index into positive territory. Sentiment on the bourse was bullish today, supported by the DANGFLOUR news. While we expect the stock to continue to rally, we do not foresee the gains having significant impact on the index. As such, we expect the index to revert to it's bearish trading pattern tomorrow in the absence of market catalysts.

Reporting for EasyKobo on Monday , 05 August 2019 in Lagos, Nigeria

Source: Vetiva Capital Management Limited

Copyright @ 2010-2019 by Naija infotech & solar energy ltd. All rights reserved