Bears conquer NSE ASI at week open, forcing it to drop to a 30-day low.   


17th June, 2019 : The NSE ASI returned to negative territory at week open, shedding 36bps to settle below the 30,000 point mark for the first time since the 20th of May, 2019. Despite all but one key sector closing in the green, the decline in heavyweights DANGCEM (-87bps) and MTNN (-118bps) was enough to drag the market under. Market activity improved with volume and value traded both rising 1875% and 39% d/d. These metrics were boosted by activity in WEMABANK (+323bps) which accounts for 94% and 44% of daily volume and turnover respectively. Market breadth also turned negative region with 21 declines against 16 advances.


What will shape the market tomorrow? 


With the dearth of market catalysts to boost the Index back above the 30,000 point mark and into green territory, we might see another session of negative trading tomorrow. We, however, do not rule out the possibility of bargain hunting on the depressed prices of stocks across the board. 


Reporting for EasyKobo on Monday , 17 June 2019 in Lagos, Nigeria


Source: Vetiva Capital Management Limited

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