18th June, 2019 : The Nigerian bourse forayed further into negative territory today, shedding 39bps to settle at 29,818.80 points. Despite the even split between key sector gainers and losers, the ASI tilted bearish. Market activity increased on the back of large volume crosses in ZENITHBANK (there was a single cross over 300M) as turnover increased 286% d/d. ZENITHBANK (+25bps) accounted for 14% and 73% of daily volume and turnover respectively. Despite the negative close, market breadth neutralized with 20 declines and 20 advances.

What will shape the market tomorrow? 

Despite the spike in market activity in the last two sessions on the back of large volume transactions on select banking names, bearish sentiment has led to negative closes. As such, we foresee another poor performance by the All Share Index tomorrow in the absence of catalysts to jolt the market back to life. 

Reporting for EasyKobo on Tuesday , 18 June 2019 in Lagos, Nigeria

Source: Vetiva Capital Management Limited