The return of the Bulls puts the Bears into a state of coma   


21th August, 2019

 

An uptick in MTNN (256bps) and NESTLE (703bps) were sufficient to move the ASI into the green as the Index advanced by 109bps to close the day at 27,352.94bpsbps. The ASI traded above its opening price for all day in a trading session that was controlled by the Bulls. The uptrend witnessed today moved the WTD return to a positive region while also reducing the YTD loss to -12.97%. There were however reversal in some of the tickers that gained yesterday as a result of profit taking action. Activities at the domestic bourse increased today as volume and value traded rose by 73% and 40% respectively. Market breadth stayed positive today at 1.43x as 23 stocks advanced while 16 declined. 

 

What will shape the market tomorrow? 


The domestic bourse continued to witness renewed investors sentiment so far this week as investors continue to scramble for position in fundamentally sound stocks. As such, we expect the uptrend to continue tomorrow (evidenced by market breadth) in the absence of sell pressure in market most capitalized stocks (DANGCEM, MTNN and NESTLE).


Reporting for EasyKobo on Wednesday , 21 August 2019 in Lagos, Nigeria


Source: Vetiva Capital Management Limited


 


 

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