15th August, 2019
The Nigerian Equities market extends days of declines after the NSEASI slipped by 7bps to close the day at 27,063.03bps while the YTD loss depressed further to -13.90%. The market was already deep in the red at mid-day (-67bps), however, a spike in MTNN (+445bps) at the closing hour reduced the loss for the day. The ASI was majorly dragged due to price depreciation in DANGCEM (-182bps) and GUARANTY (-77bps). The market witnessed mixed activities with volume dropping slightly by 0.86% while value rose by 10.47%, as MTNN and GUARANTY accounted for 40% and 30% of market turnover respectively. On the other hand, the market breath remained negative to close at 0.38x as against 0.15x recorded yesterday with 9 gainers and 24 laggards.
What will shape the market tomorrow?
The All Share Index lost marginally today as the two most capitalized stocks traded in opposite directions to extend the days of declines to 3 consecutive days. In the absence of any market driver to sway investors sentiment, we expect the market to remain pressured. However, with most stocks now trading at the lowest prices in 52 weeks and attractive dividend yields in the market, the possibilities of bargain hunting and position taking on fundamentally sound stocks cannot be overruled.
Reporting for EasyKobo on Thursday , 15 August 2019 in Lagos, Nigeria
Source: Vetiva Capital Management Limited