30th September, 2019

Starting the week on a negative note, the All Share Index declined 16bps (late gains in TOTAL +792bps and NESTLE +371bps softened losses from -190bps to -16bps) to close the last trading session in September lower at 27,630.56bps (-12.09% YTD). The domestic market traded below its opening point for most part of the day, underpinned by depletion in ETI (-955bps), UNILEVER (-793bps), MTNN (-404bps), OANDO (-234bps) and UBA (-81bps). Conversely, volume and value traded rose 4.12% and 43.97% respectively, with GUARANTY, NESTLE and ACCESS accounting for 52.94%, 13.25% and 12.57% of total turnover. However, market breadth (1.00x) closed flat with 18 advances and 18 declines. 

What will shape the market tomorrow? 

In spite of the late gains in TOTAL and SEPLAT, the domestic bourse closed the last trading session in Q3'19 in the red as sellers took profit on gains made last week. On the other hand, the ASI gained 0.38% in September, in a mixed month filled with bargain hunting and profit taking actions in bellwether stocks. However, we expect a bit of sell pressure in counters that gained today, in the next trading session, upon resumption from the independence day break.

Reporting for EasyKobo on Monday , 30 September 2019 in Lagos, Nigeria

Source: Vetiva Capital Management Limited