3rd October, 2019

Another session of bearish performance was recorded at the domestic market today, as the ASI plunged further by 84bps to close at 27,085.69bps. Investors continued to take profit on mid/large cap stocks that rallied in recent sessions. Declines in NESTLE (-999bps) and UNILEVER (-768bps) dragged the Consumer Goods sector by 5.42%. However, ETI (+828bps) and FIDELITY (+241bps) spared the banking sector from closing in the red. Total volume and value traded also declined 13.87% and 1.84% respectively. Market breadth increased to 0.67 (vs 0.52x recorded yesterday) with 12 gainers against 18 decliners. 

What will shape the market tomorrow? 

The domestic market continued to slip deeper into the red as market heavyweights experienced sell pressure. With most counters now trading at lower levels, we expect cherry picking in some fundamentally sound stocks in the coming trading sessions.

Reporting for EasyKobo on Thursday , 3 October 2019 in Lagos, Nigeria

Source: Vetiva Capital Management Limited