Gigantic Bulls bootleg optimism back into the Bourse by steamrolling the Bears   


31st October, 2019

                                                                                                                  

The Nigerian ASI ended the month with a positive performance, closing the day 18bps higher than its opening point to settle at 26,359.27bps. The domestic bourse was positively impacted by price increases in SEPLAT (928bps), NB (811bps), ZENITHBANK (29bps) and DANGCEM (27bps). Similarly, activity level measured by total volume and value traded recovered significantly, volume and value traded for the day increased significantly by 121.74% and 275.30% respectively, while MTNN, ZENITHBANK and GUARANTY were the most patronized stocks by value. On the other hand, the performance for the month of October came in negative, with the ASI dipping 4.78% MTD (compared to +0.38% in September) and 16.29% YTD. 

 

What will shape the market tomorrow? 


The ASI which traded below its opening point for most of today's session was lifted by late gains in mid/large cap stocks, keeping the broader index in the green. With all sectors closing higher except for the Banking and Industrial sectors, increased transaction size and positive market breadth, we expect the market to kick of the new month higher and close out the week in positive territory.


Reporting for EasyKobo on Thursday , 31 October 2019 in Lagos, Nigeria


Source: Vetiva Capital Management Limited

 

 

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