Bulls give the Bears the Bull’s eye rash, Bears feel morbid   

12th November, 2019

The ASI opened the new week with a positive performance, rising 54bps to settle the day at 26,456.39bps. The domestic bourse extended the bullish performance it recorded on Friday on the back of upward movements in mid/large cap stocks; CCNN(+914bps), UBA (+679bps), ACCESS (+380bps) and NB (+151bps) among others. However, volume and value traded for the day continued to trade in opposite directions with volume dipping 12.52% while value traded rose 28.17% as banking stocks continued to dominate total turnover (48.19% of total value traded). Similarly, market breadth for the day closed positive, settling at 1.64x with 18 advances against 11 declines.

What will shape the market tomorrow? 

Barring negative price movement in large cap stocks, we expect the market to continue its upward trajectory as the local bourse continue to experience positive/strong sentiment and renewed buying interest. However, the possibility of profit taking on gains made in recent sessions cannot be ignored.

Reporting for EasyKobo on Tuesday , 12 November 2019 in Lagos, Nigeria

Source: Vetiva Capital Management Limited

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