Equity Market Report   

27th May, 2019

The Nigerian bourse continued to decline (-221bps) at week open after the rally on the back of MTNN lastweek. The two market heavyweights, DANGCEM (-400bps) & MTNN (-714bps) both weighed in negatively on the market today. Market activity was significantly low as a result of factors such as the bank holidays in both the United Kingdom and the United States - which affected foreign inflows - and waning demand in MTNN. Volume and value traded 50% and 58% below 30-day averages.

What will shape the market tomorrow? 

Whilst we expect activity to improve tomorrow, we do not see activity returning to levels observed last week. Though market sentiment is still skewed negative, current prices provide a good entry point for medium to long-term investors. We believe DANGCEM & MTNN will also play major roles in tomorrow’s performance.     

Reporting for EasyKobo on Monday , 27 May 2019 in Lagos, Nigeria

Source: Vetiva Capital Management Limited    

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