9th October, 2019

In spite of the upward movement recorded in MTNN (+117bps) the ASI dipped 79bps to close at 26,598.94bps, as losses in DANGCEM (-391bps) among others outweighed gains made. Activity levels however increased significantly with volume and value traded rising 30.69% and 92.11% respectively, while DANGCEM, GUINNESS and GUARANTY accounted for 37.18%, 12.45% and 11.96% of total value traded. A total of 12 stocks gained in today's session while 15 declined (Market breadth: 0.80x). 

What will shape the market tomorrow? 

Even though the equities market continued to trade in the red due to negative movements in mid/large cap stocks, we maintain our position that current price levels are attractive for value/growth mid to long term investors. Hence, we expect some cherry picking by investors in some fundamentally sound stocks trading at their lows in tomorrow’s session.

Reporting for EasyKobo on Wednesday , 9 October 2019 in Lagos, Nigeria

Source: Vetiva Capital Management Limited