24th September, 2019

The bears continued to dominate the domestic bourse with ASI declining 108bps to close lower at 27,352.24bps. The index traded under all day as losses in CADBURY (-991bps), STANBIC (-828bps), ZENITHBANK (-211bps), MTNN (-71bps) and DANGCEM (-39bps) offset gains in UACN (+490bps), OANDO (+263bps) and NESTLE (+41bps). However, market activity improved significantly with volume and value traded rising 40.59% and 218.09% respectively. NB accounted for 69.24% of total turnover today after the stock traded c.40m units at market open, aside this, market would have traded about the same turnover as previous session. Market breadth remained negative, settling at 0.25x with 7 advances against 28 declines. 

What will shape the market tomorrow?
In spite of the improvement in traded value, the equities market remained pressured as most blue-chip stocks closed lower and market breadth settled in the negative territory for another trading day. We expect trading activities to be mixed tomorrow with bargain hunting in some counters and profit taking in others.

Reporting for EasyKobo on Tuesday , 24 September 2019 in Lagos, Nigeria

Source: Vetiva Capital Management Limited