Equity Research Report – 13 December 2019

Are the Odds in Favour of the December Effect? Following the CBN’s mandate to restrict Open Market Operations (OMO) auctions to Foreign Portfolio Investors (FPI) and Deposit Money Banks (DMB), the equities market witnessed renewed investors’ interest. This led to four consecutive weeks of gains in November, with some counters hitting record-highs. In this report, we analyzed the December Effect vis-a-vis recent profit taking activities on the equities market’s performance