18th November, 2019

The Nigerian Equities Market closed the first trading session of the week in the red, as ASI depreciated 33bps to settle at 26,762.73bps. Trading session today was largely dominated by profit taking actions, as investors sold down some of the counters that recorded significant price appreciation the previous week. Similarly, transactions size for the day diminished significantly, with total volume and value traded dipping 34.49% and 54.60% respectively while trades in UACN, ZENITH and DANGCEM accounted for 54.51% of total turnover. On the other side, market breadth for the day closed positive, settling at 1.07x with 16 advances against 15 declines.

What will shape the market tomorrow? 

Declines in ACCESS (-667bps), ETI (-667bps), OKOMUOIL (-557bps) and ZENITHBANK (-80bps) among others were responsible for the negative d/d performance recorded today. We expect profit taking to similarly dominate trading session tomorrow while stability is expected to be restored at the later end of the week.

Reporting for EasyKobo on Monday , 18 November 2019 in Lagos, Nigeria

Source: Vetiva Capital Management Limited