18th September, 2019

Deviating from the bearish performance witnessed so far this week, the ASI gained 100bps to reverse the negative trend, closing higher at 27,681.61bps. Today's gain reduced the week to date loss to -0.35% while bringing the YTD return to -11.93%. Market activity increased significantly, as volume and value traded rose 92.37% and 84.48% respectively with GUARANTY, STANBIC and ACCESS accounting for 52.86%, 7.26% and 5.88% of total turnover. Market breadth remained positive as 24 stocks appreciated while 13 declined (market breadth: 1.85x). 

What will shape the market tomorrow? 

The Nigerian Equities Market recorded a positive d/d performance due majorly to gains in ETI (+10.00%), STANBIC (+653bps), GUARANTY (+456bps), ZENITHBANK (+293bps) and MTNN (+72bps) among others. There seem to be renewed interest in the market with the level of activity experienced today, barring negative performances in market heavyweights, we expect today's positive performance to filter into tomorrow's trading session.

Reporting for EasyKobo on Wednesday , 18 September 2019 in Lagos, Nigeria

Source: Vetiva Capital Management Limited