17th October, 2019

The equities market ended the day in red, dropping a meagre 6bps to close at 26,456.29bps. Today's downtrend came on the back of declines in UBA (-252bps), GUARANTY (-130bps), and ZENITH (-84bps). Despite significant transactions in NESTLE and GUARANTY that accounted for 43.25% and 32.65% of turnover, value traded for the day dipped 19.55% while volume increased slightly by 4.00%. Market breadth closed positive settling at 1.38x with 11 gainers against 8 decliners. 

What will shape the market tomorrow? 

Bearish performances recorded in Banking (-86bps) and Industrial (-8bps) stocks pulled down the ASI despite capital appreciation in the most capitalized stock; MTNN (+39bps). With 3 sessions of decline already this week, we expect no deviation from this pattern in tomorrow's session leading to a negative WoW performance.

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

Source: Vetiva Capital Management Limited