30th October, 2019

The ASI closed higher in today's session, rising 25bps to settle at 26,310.77bps. The local bourse rode on the back of some impressive Q3'19 results that were published as well as positive reactions to the announcement of a proposed share buyback by the management of DANGCEM . Gains recorded in DANGCEM (+205bps), ACCESS (+204bps) and MTNN (+4bps) among others were sufficient to lead to a green close. However, even with DANGCEM, GUARANTY and MTNN dominating turnover, total volume and value traded for the day dipped 41.45% and 34.56% respectively. A total of 8 stocks rose against 11 declines, closing market breadth (0.73x) for the day at the negative side. 

What will shape the market tomorrow? 

Positive price movements in mid/large cap stocks drove the index north today. In the absence of profit taking on gains made today, we expect the positive performance recorded today to filter into tomorrow's session.

Reporting for EasyKobo on Wednesday , 30 October 2019 in Lagos, Nigeria

Source: Vetiva Capital Management Limited