7th June, 2019

The NSE ASI ended the short week on a negative note, shedding 31bps on the day. Activity level was lower today with daily turnover declining 33%. In the same vein, market breadth was 2.75x negative with 8 advances vs. 22 declines. The first trading week of June closed 205bps under bringing YTD declines to 318bps. 

What will shape the market tomorrow? 

In the absence of a market catalyst to drive market into the green, the Nigerian bourse ended the first week of June in the red. As such, we foresee another negative session to kick off the new week, however, we do not rule out the possibility of Investors taking position on beaten down stocks across the board as current levels present an attractive entry point. 

Reporting for EasyKobo on Friday , 07 June 2019 in Lagos, Nigeria

Source: Vetiva Capital Management Limited