Banking Bulls continue to plunge positivity into the Bourse   

27th March, 2020

The ASI ended the last trading session of the week with a positive performance rising
48bps to 21,861.78 points, as continued interest in the banking stocks such as ETI (+595bps), ZENITHBANK (+413bps), ACCESS (+407bps), UBA (+388bps) and GUARANTY (+250bps) was sustained. With the absence of significant sell pressure by offshore investors towards the end of the week, local investors rallied around a number of fundamentally sound stocks trading at lower bands. However, contrary to the declining market activities that we saw in the last three session, total volume and value traded for today increased by 46.03% and 77.94% respectively as trades in GUARANTY, NESTLE and ZENITHBANK accounted for over 60.00% of total market turnover. On the flip side, the WTD performance came in bearish as the ASI declined by 1.52% WoW, largely affected by declines recorded in the Consumer goods (-8.05%), Oil & Gas (-2.21%) and Industrial goods (-0.52%) sectors.

What will shape the market tomorrow? 

We anticipate a positive trading pattern in the coming week due to the attractiveness of most counters at current price levels, though the continued spread of the Coronavirus as well as the declining Crude oil prices continue to pose a threat.

Reporting for EasyKobo on Friday , 27 March 2020 in Lagos, Nigeria

Source: Vetiva Capital Management Limited

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