24th October, 2019

Gains in the previous session were reversed as the ASI dropped 15bps today to settle at 26,357.24bps. Declines in GUINNESS (-988bps), FBNH (-185bps) and UBA (-171bps) among others were sufficient to drag the index to the negative side. Activity level however closed mixed, with total volume traded rising marginally by 5.11% while value traded declined 45.03%. The Banking sector continues to dominate turnover, accounting for over 60.00% of total value traded today. Similarly, market breadth dipped significantly to 0.26x (vs 0.64x recorded yesterday) with 5 gainers against 19 laggards. 

What will shape the market tomorrow?
The local bourse returned to the negative region due to poor reception of diverse earnings results released today. However, the Insurance and Oil & Gas sectors were lifted by gains in FO and CONTINSURE respectively. With the recent dip in most fundamentally sound stocks, we expect investors to take position on select names tomorrow.

Reporting for EasyKobo on Thursday , 24 October 2019 in Lagos, Nigeria

Source: Vetiva Capital Management Limited