18th March, 2020

The ASI ended today's session in the green, rising 109bps to close higher at 22,789.64bps. The index rode on the back of gains in MTNN (+10.00%), GUARANTY (+663bps) and UBA (+94bps), mitigating the impact of losses in OKOMUOIL (-825bps), NESTLE (-386bps) and DANGCEM (-312bps). Market activity however closed mixed as total value traded increased by 31.26% while volume traded was down marginally by 0.64% as GUARANTY, DANGCEM and ZENITHBANK dominated market turnover. A total of 19 stocks advanced today, while 15 declined as market breadth closed positive at 1.27x.

What will shape the market tomorrow? 

The ASI which traded under for most of today's session, benefited from late resurgence in the Banking and Oil & Gas sectors. While we expect a similar positive trading pattern tomorrow, the possibility of profit taking on recent gains cannot be overruled. 

Reporting for EasyKobo on Wednesday , 18 March 2020 in Lagos, Nigeria

Source: Vetiva Capital Management Limited