Bears are throwing colours all around- Leaving ASI with Red and Investors feeling Blue   


25th October, 2019

 

The ASI ended the last trading session for the week in the red, dropping 3bps to close at 27,348.73bps. The index which traded flat till mid-day but went south about 80bps when investors sold down GUINNESS (-983bps), FO (-881bps), CCNN (-625bps) and DANGCEM (-14bps), however a late resurgence in DANGCEM from (-404bps to -14bps) reduced the loss for the day. Activity levels came in stronger than what was recorded yesterday, with volume and value traded rising 41.52% and 64.41% respectively. Similarly, due to the four sessions of decline out of five trading sessions, the week to date performance came in negative printing -0.38% with all sectors closing lower, led by the Industrial Sector that dropped 1.51% WTD while the Oil & Gas sector recorded the least decline (-0.30%). 

 

What will shape the market tomorrow?
The domestic market could have settled the week deeper in the red, however gains in some bellwether stocks; ACCESS
(+282bps), UBA (+174bps), WAPCO (+173bps) and GUARANTY (+115bps) reduced the loss for the day. With most mid/large cap stocks shedding part of their market value WTD, we expect trading session next week to come in better as investors take position in some fundamentally sound stocks.


Reporting for EasyKobo on Friday , 25 October 2019 in Lagos, Nigeria


Source: Vetiva Capital Management Limited


 


  


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