14th November, 2019

The ASI experienced significant upward movement today as the index rallied 191bps to close higher at 26,843.11bps (the last time the index gained this much was in May, 2019). The market started the day on a positive note with significant buy interest across all sectors driven largely by the Banking sector (+704bps);  specifically all the Tier-1 names with ACCESS (+964bps) and FBNH closing at their intraday limit high. All the major sectoral indices also closed positive today. However, market activity, in terms of turnover, dipped slightly by 9.70% while market breadth was significantly positive today with 34 gainers vs. 3 declines.

What will shape the market tomorrow? 

Today's performance is an indication of improving sentiment buoyed by the new CBN directive restricting local institutions from participating in OMO auction, which clearly favors the Equity market. While we expect some profit taking tomorrow, we are of the opinion that the renewed interest will be sustained for the market to close in the green. 

Reporting for EasyKobo on Thursday , 14 November 2019 in Lagos, Nigeria

Source: Vetiva Capital Management Limited