Banking Bulls pour cold water on Bear’s evil plan to devour Investor’s money   

26th March, 2020

The upward movement recorded in the Banking
(+5.99%) and Insurance (+1.89%) sectors, mitigated the impact of losses in the Consumer goods (-4.61%), Oil & Gas (-0.21%) and Industrial goods (-0.16%) sectors, as the ASI rose 13bps to close at 21,757.47 points. Total volume and value traded (-26.13% and -15.69% respectively) declined for the third consecutive session as the rapid spread of the Covid 19 virus continue to impact the market negatively. The equities market breadth however stayed positive, closing at 3.00x as 24 gainers emerged against 8 decliners.

What will shape the market tomorrow? 

In spite of the 10.00% loss in NESTLE, the ASI was able to close in the green due to the collective gains in the Banking sector. However, we expect a mixed trading session tomorrow, with renewed interest in some counters and profit taking in others. Reduction in persistent sell pressure from foreign portfolio investors have also supported the banking sector in recent sessions. Having lost 1.99% WTD, the local bourse is expected to print a negative WoW performance in the absence of significant rise in large cap stocks. 

Reporting for EasyKobo on Thursday , 26 March 2020 in Lagos, Nigeria

Source: Vetiva Capital Management Limited

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