As NSEASI reaches a six year low, investors feel like they are six feet under   

12th March, 2020

The Nigerian equities market remained pressured in the face of global uncertainty driven by the fragile macro economic environment. The index fell 372bps to 22,695.88 to its six year low largely due to the persistent sell pressure on mid/large cap stocks such as NB (-10.00%), OANDO (-10.00%), ZENITH (-996bps) and MTNN (-995bps) amongst others. Market activity for the day eased, with total volume and value traded declining by 23.90% and 44.43% respectively, despite ZENITHBANK, UBA and GUARANTY dominating market turnover. Equities market breadth (0.07x) settled deep in the red with only 3 stocks closing higher while 44 stocks closed lower.

What will shape the market tomorrow? 

Having lost in all of the four trading sessions so far this week, we expect the bearish performance to extend into tomorrow's session with the WTD performance expected to come in significantly lower. 

Reporting for EasyKobo on Thursday , 12 March 2020 in Lagos, Nigeria

Source: Vetiva Capital Management Limited

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