Bears come back in full form and snatch away the recent gains from under the Bull’s nose   

26th November, 2019

The Nigerian equities market lost part of the gains it recorded in recent sessions, as mid/large cap stocks depressed the index by 56bps to close at 26,883.33bps. The domestic bourse could not sustain its movement above 27,000.00bps, as declines in ACCESS (-510bps), MTNN (-167bps), ZENITHBANK (-134bps) and DANGCEM (-28bps) dragged the index south. Similarly, activity levels declined d/d, with total volume and value traded dropping 8.97% and 3.24% respectively. A total of 17 stocks advanced while 17 stocks declined, closing market breadth flat for the day.

What will shape the market tomorrow? 

The ASI was negatively impacted by downward movement in heavyweight stocks such as; MTNN, DANGCEM and ZENITHBANK among others. Thus, we expect a rebound in tomorrow's session, as investors are expected to bargain-hunt for stocks that have lost part of their value in the last two sessions, though the possibility of continued sell-offs still exist.

Reporting for EasyKobo on Tuesday , 26 November 2019 in Lagos, Nigeria

Source: Vetiva Capital Management Limited

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