22nd November, 2019

The ASI ended the week on a positive note, gaining 44pbs at the end of today’s session. The higher close was buoyed by gains in mid/large cap stocks like OKOMUOIL(10.00%), NESTLE(8.70%) and FO(9.04%) among others. All sectors moved higher today except the NSEBNK which lost 56bps. It was a generally positive week with the broad index closing in the green in four out of the five trading sessions this week. The market returned positive WoW after gaining 52bps. Market turnover hinged up slightly relative to the previous session, however, market breadth came in negative with 13 gainers and 18 laggards in today’s session.

What will shape the market tomorrow? 

With the market closing positive for 4 consecutive days on the back of improved sentiments towards the equities market, we expect to see this trend continue into the new week. Though the banking sector lost this week, we are of the opinion that there will be renewed interest in the sector as local players go in search of bargains in the market. 

Reporting for EasyKobo on Friday , 22 November 2019 in Lagos, Nigeria

Source: Vetiva Capital Management Limited