Bulls jump in at week open, rising from the ashes like a phoenix   

28th October, 2019

The ASI kick started the last week of the month  on a positive note, gaining 14bps in a relatively quiet trading session to settle at 26,384.45bps. The upward movement came on the back of capital appreciation recorded in CCNN (+600bps) and WAPCO (+170bps) - which released strong Q3’19 earnings - among other gainers. However, market activity measured by volume and value traded, closed mixed, with volume traded printing 485m units (vs 250m previously traded) while value traded came in at 1.08bn (vs 2.45bn traded in the last session). A total of 12 stocks gained against 7 declines as market breadth settled at 1.71x. 


What will shape the market tomorrow? 

The performance of the Index today was lifted by gains recorded in the Industrial and Consumer goods sectors as investors reacted positively to some of the earnings results announced today. We expect the trading session tomorrow to follow a similar pattern in the absence of negative price movements in mid/large cap stocks.

Reporting for EasyKobo on Monday , 28 October 2019 in Lagos, Nigeria

Source: Vetiva Capital Management Limited

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