Last minute intervention of Banks by throwing life donuts still couldn't save the drowning ASI boat   

26th February, 2020

The ASI could not be saved from another bearish performance despite the late resurgence in UBA (+438bps), BUACEMENT (+348bps) and GUARANTY (+75bps). The index lost 22bps to close at 26,974.38 majorly due to declines in ETI (-385bps) and MTNN (-345bps). Activity level for the day at the local bourse likewise slowed as total volume and value traded decreased by 5.52% and 22.98% respectively even as trades in ZENITHBANK, DANGCEM and UBA accounted for over 60.00% of market turnover. Market breadth remained negative at 0.69x though better than the 0.38x recorded yesterday, as 11 stocks gained while 16 declined.

What will shape the market tomorrow? 

The Nigerian equities market again traded in line with other major global indices as the impact of Covid-19 continued to roil the global market. However, with market breadth coming in higher than what we've seen so far this week and buying interest in some mid/large cap stocks, we expect the market to trade upward tomorrow barring significant declines in major large cap stocks.  

Reporting for EasyKobo on Wednesday , 26 February 2020 in Lagos, Nigeria

Source: Vetiva Capital Management Limited

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