29th August, 2019

The domestic bourse returned to its bearish trend as ASI could not sustain yesterday’s positive performance. The ASI dropped 66bps to close the day lower at 27,425.57bps as a result of losses in MTNN (-149bps), DANGCEM (-181bps) and UNILEVER (-345bps). Market activity slowed today as volume and value traded declined 10.97% and 45.06% respectively with DANGCEM, ZENITH and WAPCO accounting for 21.41%, 21.40% and 15.18% of total volume traded respectively. Market breadth closed positive today at 1.29x with 18 advances against 14 declines.

What will shape the market tomorrow? 

In spite of the improvement in market breadth and more advances than declines, market heavyweights continue to dictate the movement of the overall index as witnessed again today. With three days of declines already this week we expect the negative trend to filter into tomorrow's trading session as the ASI is expected to have a negative WoW performance.

Reporting for EasyKobo on Thursday , 29 August 2019 in Lagos, Nigeria

Source: Vetiva Capital Management Limited