Bears to Bulls “ Your time is up son, Big Daddy is here now! ”   

13th November, 2019

The Nigerian Equities Market (-37bps) reversed some of the gains made in recent sessions as profit taking action in mid/large cap stocks drove the index lower to 26,357.61bps. Among others, losses in TOTAL (-998bps), UNILEVER (-561bps), GUARANTY (-244bps) and DANGCEM (-149bps) were responsible for today's negative performance. On the flip side, market activity increased significantly as volume and value traded rose 61.38% and 55.31% respectively while trades in ZENITHBANK and NB accounted for 79.31% of total value traded. Similarly, market breadth closed negative at 0.81x (vs 1.64x recorded previously) with 13 advances against 16 declines.

What will shape the market tomorrow? 

The performance of the ASI today can be largely attributed to the decline in market heavyweight (DANGCEM) as well as profit taking by investors in some of the counters that rallied in recent session. However, with an increase in transaction sizes in recent sessions and continued BUY interest in Banking stocks, we expect the ASI to return to the positive side tomorrow in the absence of sell offs in heavyweight stocks.

Reporting for EasyKobo on Wednesday , 13 November 2019 in Lagos, Nigeria

Source: Vetiva Capital Management Limited

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