Bears killed the goose that laid the golden egg, and closed the Q1’20 down at -20.65% YTD   

31st March, 2020

The Nigerian equities market sustained yesterday's bearish pattern, down by
14bps in today's session to close the last trading session in March at 21,300.47 points. The market which started on a positive note in 2020 and got as high as +10.58% YTD closed the quarter down at -20.65% YTD. Losses recorded in ZENITHBANK (-209bps), ACCESS (-165bps) and GUARANTY (-112bps) among others closed the index south today. Market activity once again was down (total volume and value traded reduced by 9.61% and 10.81% respectively) as the impact of the Covid-19 lock down among others continue to affect the market negatively. Similarly, the equities market breadth (0.82x) closed negative, as 9 stocks closed up while 11 declined. Trading sessions in the month of March was largely dominated by massive sell-offs, as the MTD and the YTD performances printed -18.75% and -20.65% respectively.

What will shape the market tomorrow?

With the absence of any significant upside movement in heavyweight stock in today's session, the ASI continued on its downward slope. However, having declined in the first two sessions of the week, we expect a mixed trading session tomorrow, with continued sell off in some counters and bargain hunting in others.

Reporting for EasyKobo on Tuesday , 31 March 2020 in Lagos, Nigeria

Source: Vetiva Capital Management Limited

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