10th October, 2019

The ASI traded below its opening point for most of the session as medium and large cap stocks continues to  trade at new lows. Overall, the ASI dipped slightly by 6bps to close at 26,583.75bps, extending its losing streak to 8 days (a trend that was last recorded in July 2019). On the flip side, volume and value traded for the day increased significantly by 49.48% and 290.11% with DANGCEM accounting for 87.44% of total turnover (due to a cross deal of c.100m units). Market breadth continued to linger in the negative region closing at 0.53x with 8 advances against 15 declines. 

What will shape the market tomorrow?

Another bearish performance was recorded in the equities market today, dragging the ASI deeper into the red while all sectors closed lower except for the Oil & Gas sector that remained unchanged. Having declined all sessions so far this week, we expect no deviation from this trading pattern tomorrow, translating to a negative WoW performance.

Reporting for EasyKobo on Thursday , 10 October 2019 in Lagos, Nigeria

Source: Vetiva Capital Management Limited