An evil bear came out of nowhere, and infected the whole bourse with infectious negativity   


4th June, 2020


Following 4 consecutive trading sessions of gains, the Bull lost grip as the NSE All Share Index dipped
38bps to close at 25,312.05 points on the back of losses in ACCESS (-511bps), UBA (-299bps), GUARANTY (-200bps) and MTNN (-169bps) which neutralized the effect of gains in DANGSUGAR (+676bps), FLOURMILL (+425bps) and DANGCEM (+100bps). Similarly, activity level slowed for the day, after total volume and value traded depreciated by 23.52% and 24.73% respectively, even as crosses in DANGCEM, MTNN and GUARANTY dominated market turnover. Likewise, 16 stocks closed higher in today's session, while 17 closed lower, as the market breadth again closed negative at 0.94x.               


What will shape the market tomorrow? 


In line with our expectation, the ASI could not be saved from a negative close, after profit taking in a number of mid/large cap stocks put a halt to the consecutive sessions of capital appreciation. With the market breadth closing south today, coupled with the reduced market activity, we expect today's trading pattern to filter into tomorrow's session, as investors continue to take profit on gains made in the previous sessions.   


Reporting for EasyKobo on Thursday , 04 June 2020 in Lagos, Nigeria


Source: Vetiva Capital Management Limited

       

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