Bears to Investors “ Hasta la Vista! Your time is up, we will have to terminate you now”.   


1st November, 2019

 

The Nigerian ASI kick started the new month with a bearish performance, declining 24bps to close the day at 26,293.30bps. Despite the buy interest in some mid/large cap stocks; WAPCO (+526bps), ACCESS (+470bps) and GUARANTY (+145bps) the ASI closed south as losses in NB (-700bps), NESTLE (-165bps) and MTNN (-40bps) eroded gains made. Similarly, market activity levels for the day declined (volume: -27.44% d/d and value: -44.84% d/d). Sector performances for the week came in mixed. While the Oil & Gas, Industrial and Insurance sectors gained 4.96%, 1.05% and 0.33% respectively, the Consumer Goods and Banking sectors lost 0.66% and 0.46% respectively WTD. 

 

What will shape the market tomorrow? 


The performance of the ASI today was negatively impacted by downward movements in some bellwether stocks as investors took profit on gains made yesterday. However, we expect trading at the local bourse at week open to be stronger as investors position in some stocks that offer high dividend yields as well as good/impressive upside potential.


Reporting for EasyKobo on Friday , 1 November 2019 in Lagos, Nigeria


Source: Vetiva Capital Management Limited


 


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