Equity Market Report   


24th May, 2019


The NSE ASI rally came to a halt today after the ASI shed 189bps as a result of the two market heavy weights closing in the red. MTNN lost for the first session since listing on the 16th of May and DANGCEM also shed points on the day as market begins to readjust. Market activity remained above the 30-day average (+63% higher by turnover) while sentiment on the bourse was mixed evidenced by 1.1x positive market breadth and even split between key sector gainers and losers. Despite the session’s negative close the ASI gained 696bps w/w.


What will shape the market tomorrow? 


With both DANGCEM and the recent market catalyst (MTNN) closing under today, the index returned to it's trend of red closes which was the norm pre-MTN listing. Despite closing negative, market indicators such as market breadth, sector performances and intraday index movement point towards mixed trading on the exchange today. As such, we expect another mixed session, with a negative tilt, should investors continue to take profit on MTNN to kick off the new week.


Reporting for EasyKobo on Friday , 24 May 2019 in Lagos, Nigeria


Source: Vetiva Capital Management Limited

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