23rd October, 2019

The Nigerian equities market closed today's session in the green, gaining 12bps to settle at 26,397.94bps. Today's positive performance came on the back of late gains in UBA (+263bps), FBNH (+189bps) and DANGCEM (+160bps). However, total volume and value traded for the day reduced significantly by 67.59% and 64.91% respectively (due to the absence of large crosses similar to what we saw in ZENITHBANK yesterday), despite NESTLE, GUARANTY and ZENITHBANK accounting for 73.81% of total market turnover. A total of 7 stocks gained while 11 declined as market breadth closed at 0.64x. 

What will shape the market tomorrow? 

Although the equities market closed north today, due to late rise in the second most capitalized stock DANGCEM, other indicators came in weaker in today’s session. With all sectors closing under (except the consumer goods sector), market breadth returning negative and less market activity, we expect a pressured trading session tomorrow though the possibility of bargain hunting exist.

Reporting for EasyKobo on Wednesday , 23 October 2019 in Lagos, Nigeria

Source: Vetiva Capital Management Limited