5th December, 2019

Closing 9bps below its opening point, the Nigerian equities market dipped further in today's session to close the day at 26,913.70bps. The domestic market was negatively impacted by declines in the Insurance, Banking and Oil & Gas sectors, which eroded gains recorded in the Consumer Goods and Industrial sectors. Market activity however saw a significant improvement with volume and value traded increasing 83.14% and 164.25% from 112.88m units and N1.08bn traded yesterday to 206.73m units and N2.85bn respectively. Market breadth however reversed its positive position (1.14x) to close negative at 0.42x, with 8 stocks advancing while 19 declined.

What will shape the market tomorrow? 

The domestic market has traded under so far this week, with four sessions of declines already in a week dominated by profit taking action. The ASI is set for a negative WoW performance as the bearish trend is expected to filter into tomorrow's trading session.

Reporting for EasyKobo on Thursday , 05 December 2019 in Lagos, Nigeria

Source: Vetiva Capital Management Limited