20th June, 2019

The Nigerian bourse closed relatively flat as the All Share Index shed a meagre 2bps. The index was trading in the green for the first half of the session before a mid-session dip in ACCESS and ZENITHBANK. Market activity remained flat d/d with the Banking sector accounting for 53% and 40% of volume and value traded. Despite the slightly negative close, market breadth was 1.9x positive with 25 advances vs 13 declines. Three key sectors closed in the green while the Oil & Gas sector (-105bps), driven by FO, was the sole loser.

What will shape the market tomorrow? 

The market had little to no reaction to the appointment of a new NNPC head by President Buhari in today’s session. In the absence of any market drivers to sway the market, we foresee another session of mixed to positive trading tomorrow.  

Reporting for EasyKobo on Thursday , 20 June 2019 in Lagos, Nigeria

Source: Vetiva Capital Management Limited