Bears crack the whip at week open, making investors dance to their grizzly tune   


21st October, 2019

                                                                                                                  

The Nigerian Equities Market closed the first trading session of the week in the red, dropping 22bps to settle at 26,390.08bps. Declines in ZENITHBANK (-143bps), UBA (-87bps), DANGCEM (-69bps) and ACCESS (-68bps) among others drove the index south. Similarly, activity levels reduced significantly, with volume and value traded dipping 56.27% and 73.97% respectively, while the sum of value traded in GUARANTY, DANGCEM and ZENITHBANK accounted for 63.11% of total turnover. A total of 9 stocks gained against 14 declines as market breadth closed at 0.64x. 

 

What will shape the market tomorrow?


The equities market today was negatively impacted by weak investor confidence as well as negative sentiment in the Banking and Industrial sectors as mid/large cap stocks experienced sell offs. With most sectors closing under and market breadth coming in negative, we expect the market to remain pressured in the short term in the absence of any positive catalysts.


Reporting for EasyKobo on Monday , 21 October 2019 in Lagos, Nigeria


Source: Vetiva Capital Management Limited

 


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