Profit hungry bulls cause ASI its first dip of the year.   

5th January, 2021: With losses recorded in mid/large cap stocks such as BUACEMENT (-588bps), ZENITHBANK (-428bps), MTNN (-277bps) and GUARANTY (-284bps) among others, the domestic bourse couldn't hang on to yesterday's bullish performance, as the ASI dipped 183bps to close lower at 40,396.14 points. As a result of today's decline, the YTD performance reduced to +0.31% (vs +2.18% posted yesterday). However, contrary to the 211mn units and N1.41bn recorded yesterday, there was a surge in activity levels for the day, as the total volume and value traded increased by 119.79% and 263.57% respectively, while ZENITHBANK, NB and MTNN closed as the top traded stocks by value. Still on a bearish trend, market breadth worsened from the 16.0x recorded yesterday to 0.50x as 17 stocks settled higher while 34 stocks closed under.                                           


What will shape the market tomorrow?
Following the bullish performance recorded in the last few sessions, the domestic market closed today's session in the red, as all sectors closed south, save for the Insurance sector which advanced
0.86% d/d. With the declines recorded today, we expect some of today's laggards to witness positive patronage in coming sessions as prices become attractive. However, an extension of today's negative performance cannot be disregarded (evidenced by the negative market breadth, coupled with the negative sectoral performances).   

Reporting for EasyKobo on Tuesday, 05 January 2021 in Lagos, Nigeria

Source: Vetiva Capital Management Limited

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