Gigantic Bulls win the championship by giving the Bears a brutal choke-slam   

24th January, 2020

The ASI ended the last session of the week marginally up by 13bps to close at 29,628.84. The local bourse once again benefited from price increases in JBERGER (+750bps), DANGCEM (+286bps) and SEPLAT (+83bps), diluting the effect of declines in UNILEVER (-977bps), MTNN (-157bps) and ZENITHBANK (-23bps). Void of large cross deals such as the one recorded in SEPLAT yesterday, total volume and value traded for the day declined by 6.43% and 54.44% respectively, as trades in GUARANTY, SEPLAT and DANGCEM accounted for 62.20% of total market turnover. Similarly, performance for the week closed marginally bullish, with ASI moving up by 0.03%. The Industrial goods sector emerged as the best performer for the week, gaining 5.10% while the Consumer goods sector (-3.58%) recorded the largest decline.

What will shape the market tomorrow? 

With some significant gains witnessed in the Industrial Goods sector, as well as some mild profit taking in other sectors such as Banking and Consumer Goods, the earlier bounce seen earlier in the market appears to have lost some momentum. Thus, analysts expect a mixed start to next week's trading, amidst lukewarm investor sentiment.

Reporting for EasyKobo on Friday , 24 January 2020 in Lagos, Nigeria

Source: Vetiva Capital Management Limited

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