14th June, 2019
The All Share Index ended the shortened week on a mildly positive note, gaining a meagre 6bps to settle comfortably above the 30,000 point mark. Market activity slowed significantly as sell-offs cooled. GUARANTY (+65bps) carried on from yesterday as the most actively traded stock in the session trading 60% of total market value. Volume and value traded declined 40% and 52% respectively, while market breadth turned positive (17 advances vs. 12 declines). Gains in the two market heavyweights DANGCEM and MTNN boosted the performance of the index for the day, but were not sufficient to boost the w/w performance (-1.27%).
What will shape the market tomorrow?
Despite the positive close to the end of the series of shortened trading weeks due to various public holidays, market will likely drift back to negative territory at week open barring any market catalysts or significant news that could boost investor appetite. We also highlight that prices remain attractive and pose a good entry point for long term investors.
Reporting for EasyKobo on Friday , 14 June 2019 in Lagos, Nigeria
Source: Vetiva Capital Management Limited