When elephantine companies fraternise with the Bears, NSEASI has to pay the price.   

6th August, 2019

The All Share Index returned to its pattern of negative trading today. The Index dipped 51bps to settle at 27,527.40 points. The ASI traded in the green in the opening hours of the session bouyed by FBNH (370bps), ETI (flat) and ACCESS (164bps), however sentiment turned around midday with declines in heavyweights DANGCEM (172bps) and MTNN (19bps) weighing on the index. The Industrial Goods sector closed flat despite the loss in DANGCEM, thanks to gains in WAPCO (140bps) and CCNN (346bps). Market activity improved on the back of movement in the Banking sector (ACCESS: 18% and GUARANTY: 21%) as turnover rose 60% d/d. Market breadth turned negative(0.26x) with 6 advances vs. 23 declines.

What will shape the market tomorrow? 

We foresee a session of milder bearish trading tomorrow, however we do not rule out the possibility of bargain hunting on the deflated prices of select names. We also highlight that the directions of market heavyweights MTNN and DANGCEM could determine the outcome of the session. 

Reporting for EasyKobo on Tuesday , 06 August 2019 in Lagos, Nigeria

Source: Vetiva Capital Management Limited

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