Despite massive efforts by the Banking Bulls, the 10% decline in the emperor DANGCEM caused ASI to be decapitated   

17th March, 2020

Despite trading higher for most part of today's session, the ASI was negatively affected by late declines in DANGCEM (-10.00%), NASCON (-10.00%), ARDOVA (-980bps) and CAP (-977bps), shedding 71bps to close at 22,543.07bps. However, investors rallied around a number of banking stocks as ACCESS (+10.00%), UBN (+909bps), FBNH (+811bps), ZENITHBANK (+547bps) and GUARANTY (+316bps) closed the day higher. Similarly, total volume and value traded for the day was up by 22.55% and 40.02% respectively as trades in banking stocks continued to dominate market turnover. The equities market breadth once again closed positive at 2.25x as 27 gainers emerged against 12 decliners.

What will shape the market tomorrow? 

Distilling the impact of the 10.00% decline in the most capitalized stock (DANGCEM), the ASI would have closed today's session in the green. However, we expect a mixed trading session tomorrow, with continued sell offs in some counters and position taking in others due to recent declines.  

Reporting for EasyKobo on Tuesday , 17 March 2020 in Lagos, Nigeria

Source: Vetiva Capital Management Limited

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