11th June, 2019

The NSE ASI extended its streak of losses to seven sessions after shedding 73bps on the day, dragged by an early session dip in DANGCEM (please see Intraday Chart below). After the early crosses in MTNN and ZENITHBANK, market activity was low but picked up towards the end of the day, however, activity levels remained relatively constant d/d. Market breadth persisted negative (1.3x) with 16 declines vs. 12 advances. The Index is dipping back to the 30,000 point mark (ASI: 30,099.83 points) and could re-enter the danger zone if the market declines in the session following the break.

What will shape the market tomorrow? 

The bourse has shed 1.09% this week going into the brief holiday tomorrow. We expect bearish sentiment to persist after the break when trading resumes, barring any catalysts swaying the index to the green.   

Reporting for EasyKobo on Tuesday , 11 June 2019 in Lagos, Nigeria

Source: Vetiva Capital Management Limited