Gigantic Bears throw the Bulls in jail, and torture them endlessly   

3rd December, 2019

The domestic market extended its downtrend to 2 consecutive sessions, as the ASI dipped 17bps to close at 26,944.32bps. Declines in GUINNESS (-645bps), WAPCO (-107bps), MTNN (-83bps) and DANGSUGAR (-72bps) among others closed the index in the red. The Consumer Goods sector however continued to trade higher thanks to positive returns in OKOMUOIL (+987bps), UNILEVER (+424bps) and FLOURMILL (+411bps). Total volume and value traded once again closed mixed with volume dipping 23.32% while value rose 18.33%. Market breadth remained negative closing at 0.68x, with 13 stocks gaining while 19 declined.   

What will shape the market tomorrow? 

Distilling the impact of 83bps decline in the most capitalized stock (MTNN) at market close, the local bourse would have ended the day with a positive performance. However, we expect stocks in the Consumer Goods sector to continue to enjoy investors patronage in the short term while we anticipate cherry-picking by investors in other sectors tomorrow.

Reporting for EasyKobo on Tuesday , 03 December 2019 in Lagos, Nigeria

Source: Vetiva Capital Management Limited

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