11th March, 2020

In spite of the late resurgence in FCMB (+993bps), UNILEVER (+991bps) and UBA (+973bps), the ASI could not be saved from another bearish performance, shedding 335bps to close at 23,572.75bps. The local bourse was negatively affected by significant declines in market heavyweights stocks such as DANGCEM (-10.00%) and NESTLE (-10.00%) among others. Meanwhile, there was a significant spike in market activity, as total volume and value traded for the day increased by 134.07% and 319.43% respectively to 1.39bn units and N17.65bn against the 594.47mn units and N4.21bn recorded yesterday. Similarly, market breadth though negative, improved  from the 0.09x recorded yesterday to 0.90x as 18 stocks closed higher while 20 stocks closed lower.

What will shape the market tomorrow? 

The ASI was largely affected by significant declines in large cap stocks as sell pressure continued at the domestic market. We expect a session of mixed trading tomorrow with continued sell offs in some counters and bargain hunting in other counters that declined recently.  

Reporting for EasyKobo on Wednesday , 11 March 2020 in Lagos, Nigeria

Source: Vetiva Capital Management Limited