8-year low in NSEASI was slightly uplifted by Banking and Oil Bulls   


24th March, 2020


The ASI recovered in today's session, moving higher by
19bps to close at 21,741.16 points. The index which closed at its lowest point in eight years yesterday was lifted by price appreciation in STANBIC (+943bps), ACCESS (+370bps), ZENITHBANK (+234bps) and GUARANTY (+90bps), mitigating the impact of declines in ETI (-899bps), UBN (-769bps) and UBA (-222bps). Market activity however slowed as the total volume and value traded declined by 28.91% and 7.67% respectively even as trades in GUARANTY, ZENITHBANK and ACCESS dominated market turnover. Contrary to the 0.35x recorded yesterday, the equities market breadth (1.90x) closed higher in today's session as 19 gainers emerged against 10 decliners.

What will shape the market tomorrow? 


The ASI was lifted by gains in the Oil & Gas (+0.25%), and Industrial goods (+0.02%) sectors as well as some Tier1 banks. However, with no significant improvement in some fundamental indicators (such as Crude Oil prices and the spread of the Covid-19) that can uplift investors' confidence, we anticipate a continued pressured market though the possibility of bargain hunting still exist due to recent declines. Also with the MPC leaving the anchor rate at 13.50%, we do not expect any reaction from investors. 


Reporting for EasyKobo on Tuesday , 24 March 2020 in Lagos, Nigeria


Source: Vetiva Capital Management Limited



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