Grizzly gigantic bears to Investors "We love sprinkling salt to your wounds"   


16th October, 2019

 

The ASI (-16bps) traded downward in today's session settling at 26,472.20bps. The negative d/d performance recorded stemmed from late declines in STANBIC (-216bps), MTNN (-39bps) and ZENITH (-28bps) despite positive sentiment in GUARANTY (+131bps), NESTLE (+40bps) and NB (+ 11bps). On the flip side, market turnover increased significantly by 55.52% spurred by c. 1.5m units cross deal in NESTLE that accounted for 59.93% of total turnover, while volume traded declined 20.61%. A total of 13 stocks gained against 11 declines as market breadth settled at 1.18x. 

 

What will shape the market tomorrow? 


Prior to the late declines in ZENITH and MTNN, the ASI was in the green at midday as investors scrambled to position in fundamentally sound stocks that dipped in recent sessions. With market breadth coming in positive (1.18x) and positive sentiment experienced in some bellwether stocks, we expect to see an improved performance in the broader index tomorrow barring negative events in heavyweight stocks.


Reporting for EasyKobo on Wednesday , 16 October 2019 in Lagos, Nigeria


Source: Vetiva Capital Management Limited

 


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