7th October, 2019

Another bearish session was recorded at the local bourse, after the ASI declined 45bps to close at 26,866.41bps. The local market extended its decline to 5 consecutive days, as mid/large cap stocks such as SEPLAT (-685bps), STANBIC (-250bps), NESTLE (-203bps), WAPCO (-154bps) and NB (-70bps), continued to dip. However, volume and value traded increased by 9.25% and 45.63% respectively, while market breadth came in at 1.06x with 17 advances in contrast to 16 declines. 

What will shape the market tomorrow? 

The Nigerian equities market  is expected to remain pressured in the short term as investors maintain a bearish stance. We expect a mixed trading pattern in tomorrow's session as investors take profit on gains made in some counters in recent sessions while positioning in some other counters trading at their lows.

Reporting for EasyKobo on Monday , 7 October 2019 in Lagos, Nigeria

Source: Vetiva Capital Management Limited