Bears came in at week open, chewed up the investors and spat them out- Raw!   

30th March, 2020

The domestic market started the new week on a negative note, as the benchmark index (ASI) depreciated by
243bps to close lower at 21,330.79 points. The negative performance resulted from the significant decline in MTNN (-10.00%) as well as losses recorded in the Banking (-3.62%), Consumer goods (-0.92%) and the Insurance (-0.52%) sectors. On the flip side, the Oil & Gas (+1.77%) and Industrial goods (+0.01%) sectors benefited from the upward movement in 11 PLC (+983bps) and BERGER (+984bps). Market activity for the day closed mixed, as the total volume traded increased significantly by 85.70% while the total value traded dipped 42.43%. A total of 11 stocks moved higher today, against 15 decliners as market breadth closed negative at 0.73x.

What will shape the market tomorrow? 

The positive performance in the Oil & Gas sector could not save the ASI from closing south as losses across other sectors eroded the gains made. In the absence of any positive catalyst that is capable of lifting investors confidence, we expect today's bearish performance to filter into tomorrow's session.

Reporting for EasyKobo on Monday , 30 March 2020 in Lagos, Nigeria

Source: Vetiva Capital Management Limited

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