Bulls put up a tough fight with but they couldn’t beat the evil wrath of Palpatine-Bear   


18th June, 2020


Notwithstanding the late gain in MTNN
(+43bps) coupled with buying interest in GUARANTY (+43bps), the ASI could not sustain yesterday's upward close, as losses in NB (-952bps) and ACCESS (-73bps) dragged the index down marginally by 16bps to close at 24,933.41 points. Likewise, there was a reduction in activity level as total volume and value traded declined by 35.64% and 18.39% respectively, despite trades in GUARANTY, MTNN and NB dominating market turnover.  Decliners at the local bourse again outnumbered the gainers as market breadth settled negative at 0.90x (9 gainers vs 10 decliners).                 

           

What will shape the market tomorrow? 


The domestic bourse saw a reversal from yesterday's positive performance due to the significant decline in NB among others. With the index posting negative returns in three of the four trading sessions so far this week, coupled with tomorrow being the last trading session of the week, we anticipate another bearish session tomorrow amidst weak investors' sentiment.            


Reporting for EasyKobo on Thursday , 18 June 2020 in Lagos, Nigeria


Source: Vetiva Capital Management Limited

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