ASI bears re-define themselves as the modern day Hannibal Lecter, slaughtering the market a little more today.   


5th September, 2019

 

Yesterday’s negative performance extended into today with ASI declining 17bps to close at 27,273.14bps. Today's down trend came as a result of price depreciation in WAPCO (-301bps), ZENITH (-86bps) and MTNN (-32bps) among others. Correspondingly, total volume and value traded slipped 46.76% and 24.80% respectively as the aggregation of value traded in GUARANTY, MTNN and GUINNESS accounted for 78.49% of total turnover. While 13 stocks gained, 18 stocks declined as market breadth remained negative at 0.72x. 

 

What will shape the market tomorrow? 


With negative market breadth and diminishing market activity, we expect the ASI to extend its bearish trend to the last trading session of the week, leading to a negative WoW performance. However valuations and technical analysis shows that price levels remain attractive for medium and long term investors.


Reporting for EasyKobo on Thursday , 05 September 2019 in Lagos, Nigeria


Source: Vetiva Capital Management Limited

 


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