3rd June, 2019
The NSE ASI kicked off the new month with a loss, shedding 45bps. Market activity did not deviate much from the previous session as the Index recorded a turnover of N2.8 billion. Market breadth remained negative posting 15 advances (led by CHAMPION +9.90%) and 27 declines (led by GLAXOSMITH -10.00%). The NSE's recent entrant, MTNN, was quiet today adding a meagre 7bps to settle at N136.60. Today's loss brings the YTD decline to 159bps.
What will shape the market tomorrow?
If the bearish start to the new month is any indication of how the first half of the year is going to end, we may see the ASI dipping below the 30,000 point mark, however, prices on select names - particularly bellwethers - remain attractive and provide a strong entry point for investors. As such, in the absence of any market catalysts, we expect a session of mixed to negative trading when trading resumes on Thursday after the Eid-el-Fitri Muslim Festivals.
Reporting for EasyKobo on Monday , 03 June 2019 in Lagos, Nigeria
Source: Vetiva Capital Management Limited