Investor's lose the will to live like a person standing at Godfather’s gunpoint   


3rd July, 2020


Extending yesterday's bearish performance, the Nigerian equities market ended the last trading session of the week in the red, as the ASI declined further by
16bps to close at 24,336.12 points. In spite of the buying interest in ZENITHBANK (+304bps) and GUARANTY (+48bps), the domestic bourse could not be saved from the negative territory, as losses in NB (-568bps), UBA (-163bps) and WAPCO (-96bps) among others neutralized gains. With the absence of significant trades in any of the mid/large cap stocks, total volume and value traded for the day declined by 19.88% and 17.59% respectively. Also, the bearish trend witnessed during the week pulled the ASI down by 1.98% WoW, while the YTD performance worsened to -9.34%. Correspondingly, the NSE sub-sectors saw a significant bearish performance, with all sectors closing in the red, led by the Banking sector which lost 7.52% WoW.                   

           

What will shape the market tomorrow? 


The domestic bourse saw another week of sell pressure as investors' confidence continue to dampen in the face of global uncertainties and domestic macro-economic challenges. In the absence of positive catalysts capable of spurring BUY decisions, we expect the market to continue on its downward trend next week despite the attractiveness of a number of fundamentally sound stocks.              


Reporting for EasyKobo on Wednesday ,03 July 2020 in Lagos, Nigeria


Source: Vetiva Capital Management Limited



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