30th May, 2019

The ASI resumed to negative trading from the Inauguration holiday as the Index shed 17bps despite flat market breadth (18 advances and 18 declines). All key sectors closed under, with the Banking Sector (led by a GUARANTY decline) weighing the most on the bourse. MTNN traded positively, extending gains by 260bps today, the stock is now at a 51% premium to its original listing price. Market activity slowed today, with turnover reducing by 19%, while volume traded saw a slight uptick.

What will shape the market tomorrow? 

Investors were quick to take profit on select names that saw gains in the prior session even as activity cooled off. Market sentiment was widely mixed today, evidenced by even market breadth and red sectors closes. As such, we expect another mixed session tomorrow barring shocks in the two market heavyweights, MTNN and DANGCEM.          

Reporting for EasyKobo on Thursday , 30 May 2019 in Lagos, Nigeria

Source: Vetiva Capital Management Limited