All sector Bears fraternise together, to slay the Bulls   


29th October, 2019

                                                                                                                  

The ASI closed the day 53bps below its opening point to settle at 26,244.39bps. Losses recorded in some of the counters in the Industrial (-0.95%), Banking (-0.94%) and Oil & Gas (-0.16%) sectors drove the Index south. However, volume and value traded closed mixed again with volume down 44.86% and value traded up 156.66% while the value traded in GUARANTY, ZENITH and ACCESS accounted for 73.37% of total turnover. Market breadth however remained positive at 1.30x in today's session with 13 gains against 10 declines. 

 

What will shape the market tomorrow? 


The ASI closed in the red due to negative performances in some mid/large cap stocks; WAPCO (-401bps), GUARANTY (-267bps), UBA (-171bps) and MTNN (-159bps) among others. We expect a mixed trading session tomorrow with bargain hunting in some counters and sell offs in others.


Reporting for EasyKobo on Tuesday , 29 October 2019 in Lagos, Nigeria


Source: Vetiva Capital Management Limited


 


 


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