Banking Bulls were celebrating in the forest, thanks to the second successive green day in the Bourse.   

20th November, 2019

The market closed in the green for the second successive day on the back of a late rally in banking names. FBNH (+815bps), UBA (+764bps), FCMB (+464bps), ACCESS (355bps) among other names all ended the day higher. Gains in NB (+612bps) and CONOIL (+947bps) also supported the higher close. The ASI was over 100bps up towards market close but a late dip in MTNN (-241bps) cut back the gains significantly to leave the market closing at +14bps. Volume and value traded were lower today relative to the previous session, while market breadth remained positive for the third trading day this week at 2.33x.

What will shape the market tomorrow? 

There seems to be renewed interest in the equity space, though majorly in banking names and we believe the market should close positive tomorrow if this interest is sustained. Also, the aversion of another loss in MTNN, the most capitalized counter, should support another green close. 

Reporting for EasyKobo on Wednesday , 20 November 2019 in Lagos, Nigeria

Source: Vetiva Capital Management Limited

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