Bears firm their evil grasp on June by taking down the last trading session of the month   

30th June, 2020

The domestic bourse ended the last trading session in June with a bearish performance, as the benchmark index declined significantly by
153bps to close at 24,479.16 points. Today's trading session was largely dominated by sell pressure as a number of mid/large cap stocks settled deep in the red. Activity level for the day however saw an uptrend, as total volume and value traded increased significantly by 77.13% and 91.94% respectively, courtesy of large trades in NB, DANGCEM and NESTLE. Market breadth (0.29x) continued to settle at the negative territory amidst weak sentiment, as total gainers (10) were again outnumbered by the decliners (34). Similarly, trading sessions in the month of June were mostly controlled by the Bears, leading to a -3.12% drop MoM while the YTD performance closed at -8.80%.                   


What will shape the market tomorrow? 

Investors' sentiment remained dampened in the domestic market as investors continue to adopt cautious trading strategies. We envisage further declines in the near term as the impact of Covid-19 is expected to be seen in Q2 earnings of companies. However, with the consistent declines we've seen in recent times the possibility of bargain hunting cannot be overruled.            

Reporting for EasyKobo on Tuesday ,30 June 2020 in Lagos, Nigeria

Source: Vetiva Capital Management Limited

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