After one day of Bullish rain, the draught returns   

19th March, 2020

The ASI could not sustain yesterday's positive performance, dipping 294bps to close at 22,118.90 points today. The downward performance was due to price decreases in mid/large cap stocks among which include, ZENITHBANK (-10.00%), MTNN (-478bps) and DANGCEM (-330bps). Similarly, market activity slowed down for the day as total volume and value traded decreased by 21.69% and 55.16% respectively with GUARANTY and ZENITHBANK once again dominating market turnover. After closing positive in the last three sessions, market breadth returned negative today, settling at 0.57x as 13 stocks advanced while 23 stocks declined.

What will shape the market tomorrow? 

The Nigerian equities market remains fragile in the face of declining crude oil prices, growing risk of currency devaluation, as well as the rapid spread of the Coronavirus in the country. Having lost in three of the four trading sessions so far this week, we anticipate an extended bearish session tomorrow leading to a negative WoW performance.  

Reporting for EasyKobo on Thursday , 19 March 2020 in Lagos, Nigeria

Source: Vetiva Capital Management Limited

Copyright @ 2010-2019 by Naija infotech & solar energy ltd. All rights reserved