RESEARCH REPORT FOR THE WEEK ENDED JANUARY 25, 2019

Safe for sell offs on the first day of the week, it was a bull market through the week ended 25 January 2019. The
Banking sectorindex, which was the biggest, advancing index appreciated by 7.15% while Industrial sector index
was the only declining index losing 2.02%. All of these culminated in the upward movement of the All Share Index
and Market capitalization to close at 31,426.63 and N11.72trillion respectively from 31,005.17 and N11.56trillion
recorded the previous week, appreciating by 1.36%.
There were a lot of activities on the bourse this week as the number of deal made, volume stocks traded and value
increased to 18,332, 1.807billion and N17.232billion respectively. The most traded equities by volume are Diamond
Bank, Access Bank and GTB.
We expect the bullish run,which is due to bargain hunting to taper in the week running up to the general elections as
apprehension about the geopolitical scenery reach its peak.

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