15th May 2019

The streak of losses continued today with NSE ASI shedding 48bps today, bringing YTD declines to 10.00%. The index traded positively briefly at the beginning of the session but sentiment quickly turned and never recovered. Overarching market sentiment was bearish (10 advances vs. 17 declines) with all key sectors closing under ahead of the MTN listing tomorrow. Market activity declined in today's session (volume: -12% d/d; turnover: -23% d/d).

What will shape the market tomorrow? 

The lack of market catalysts is the reason for the persistent declines observed on the bourse. However, we expect to see some respite for the market tomorrow as MTN lists its Nigerian shares on the Exchange by Introduction. We expect the listing to buoy investor interest in the market and boost overall market performance.

Reporting for EasyKobo on Wednesday , 15 May 2019 in Lagos, Nigeria

Source: Vetiva Capital Management Limited