6th November, 2019

Gains in some Insurance counters; CORNESRTONE(+889bps), LAWUNION(+870bps) & LASACO(+385bps) and Tier 1 banking names; GUARANTY(+77bps) and ACCESS(+60bps) were not enough to take the market to a positive close as the ASI closed down 58pbs. Loses recoded in names across different sectors contributed to the decline with PRESCO(-990bps), INTBREW(-969bps) and FIDELITY(-688bps) recording the most losses. A negative performance by DANGCEM(-107bps) also weighed on the ASI. Tier1 banking names continues to dominate market turnover, however, volume and value traded came in lower than the previous trading session. Market breadth closed negative(0.90x) with 10 advancers and 11 laggards. 

What will shape the market tomorrow? 

The market continues to experience strong volatility as we see mixed trading patterns. We have also seen a decent level of participation from local institutional investors largely in the Tier 1 Banking space in recent trading sessions. Tier 1 banks should continue to enjoy investor’s patronage as we foresee similar trading pattern in the next trading session.

Reporting for EasyKobo on Thursday , 7 November 2019 in Lagos, Nigeria

Source: Vetiva Capital Management Limited