Blockbuster movie is out “ Return of the Bulls”, Bears flatline   

8th November, 2019

The ASI ended the last trading session of the week with a positive performance, rising 48bps to close at 26,314.49. The index rode on the back of positive advancements in the Banking sector with all tier one stocks appreciating significantly, thereby mitigating the effect of the declines in the two most capitalized stocks DANGCEM (-142bps) and MTNN (-81bps). Similarly,  total value traded for the day increased significantly by 87.95% with shares of ZENITHBANK, CAP and ACCESS accounting for over 65.00% of total value traded. The positive performance recorded today overturned the negative WoW performance the ASI had recorded as at yesterday (-0.40% WoW), ending the week marginally higher by 0.08%.

What will shape the market tomorrow? 

With sentiment around banking stocks remaining strong this week, we foresee further investor interest in select names at the start of next week. However, this positive sentiment may not filter into the rest of the market, as other key sectors continue to under-perform.

Reporting for EasyKobo on Friday , 8 November 2019 in Lagos, Nigeria

Source: Vetiva Capital Management Limited

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