Oil and Gas bears came in at the closing minute and engulfed the sector with negativity.   

19th June, 2019

The NSE ASI recorded another session of declines, losing 15bps. Activity on the exchange slowed from yesterday (largely due to absence of large crosses seen in the last two trading sessions) as volume and turnover declined d/d. The index was trading 23bps positive till the closing minutes of the session when losses in NESTLE (141bps) and SEPLAT (319bps) dragged the index under. Despite the negative close, market breadth turned 1.2x positive with 21 advances against 18 declines.

What will shape the market tomorrow? 

After trading in positive territory for most of the day, end of session dips in NESTLE and SEPLAT (please see intraday chart) turned the tide of the market. Conflicting indicators point to a session of mixed trading today, as such, we foresee another session of mixed trading albeit with a mildly positive bias in the absence of external factors swaying the market.

Reporting for EasyKobo on Wednesday , 19 June 2019 in Lagos, Nigeria

Source: Vetiva Capital Management Limited


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