Banks to Investors “ We cant help you anymore, we are friends with the Bears now”   


7th November, 2019

  

The ASI traded lower in today's session, dropping 14bps to settle at 26,188.24bps. The index which traded within the band of +0.05% and -0.07% as at mid-day was negatively affected by late sell offs in UNILEVER (-998bps), STANBIC (-212bps), ZENITHBANK (-202bps) and FBNH (-92bps). On the other hand, volume and value traded continued to move in opposite directions with total volume traded rising significantly by 212.89%, while value traded dropped marginally by 4.91%, as small cap stocks (over 500m units of JAIZBANK shares were crossed),  enjoyed higher patronage with respect to volume in today's session. A total of 10 stocks gained today while 16 declined, closing market breadth at 0.63x. 

 

What will shape the market tomorrow? 


Market exhibited a mixed trading pattern today, while continued negative reactions persisted in some consumer goods stocks. We however expect no deviation from this pattern in tomorrow's session as the domestic bourse is set for a negative WoW performance.


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


Source: Vetiva Capital Management Limited

 

 


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