Equity Market Report   

22nd May, 2019

The NSE ASI recorded its fourth session of gains as MTNN continues to carry the market. The index gains 307bps to settle at 31,145.15, posting 11 advances and 27 declines in the session even as activity in terms of turnover and volume declined d/d. DANGCEM, another market heavyweight also gained for the second consecutive session, supporting the markets recovery, though, three of the four key sectors closed in the red.

What will shape the market tomorrow? 

With demand for MTNN (the primary market driver) waning, as evidenced by reducing bid size (closed with over 10.5 million units at limit up compared to yesterday of over 18 million units at limit up), in our opinion, the rally might not be sustained beyond tomorrow. Volumes traded on MTNN declined 15% for the first time since the listing. As such, analysts foresee a session of milder gains tomorrow.

Reporting for EasyKobo on Wednesday , 22 May 2019 in Lagos, Nigeria

Source: Vetiva Capital Management Limited

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