14th August, 2019

The Nigerian Equities Market resumed trading activities today after two off trading sessions (Eid-el-Kabir break) with a bearish performance as the Index depreciated by 82bps to settle at 27,083.11bps. The negative performance can be largely attributed to weak investor sentiment as the domestic bourse continues to witness sell pressure. In respect to market activities, value traded for today declined by 24% as GUARANTY (39%) and ZENITHBNK (17%) were the most traded in terms of value. Market breadth settled at 0.15x with 4 advances and 27 declines.

What will shape the market tomorrow? 

Negative sentiment from last week filtered into the new week as investors continue to sell down bellwethers. In the absence of positive catalysts, we expect the equities market to remain relatively pressured. ZENITHBANK and GUARANTY traded at N16.00 and N25.95 today, prices that were last recorded in April 2017 as such offers potential upside potential for medium to long term investors.

Reporting for EasyKobo on Wednesday , 14 August 2019 in Lagos, Nigeria

Source: Vetiva Capital Management Limited