Cement and Banking giants take some lessons from Hannibal lecter and continue their merciless destruction   

1st April, 2020

The Nigerian equities market recorded another decline today, extending its losing streak to three consecutive sessions as the ASI dropped
94bps to close the first trading day in April lower at 21,100.54 points. The index closed in the red due to the significant decline in the most capitalized stock DANGCEM (-995bps) as well as losses in a number of Tier 1 banking stocks such as, ACCESS (-336bps), ZENITHBANK (-256bps) and GUARANTY (-85bps) among others, reducing the impact of gains in MTNN (+933bps) and INTBREW (+918bps). However, total value traded for the day increased mildly by 2.50% as trades in ZENITHBANK, GUARANTY and MTNN accounted for c.58.00% of total market turnover while total volume traded declined significantly by 63.42%. Investors' sentiment remained weak at the local bourse with the market breath (0.23x) closing at the negative side, as decliners continues to outnumber gainers (6 gainers against 26 decliners).

What will shape the market tomorrow?
In the absence of any major positive event or news that is capable of lifting investors confidence around the world, we expect the market to continue on its downward slope tomorrow, though the possibility of bargain hunting in some counters exist.

Reporting for EasyKobo on Wednesday , 01 April 2020 in Lagos, Nigeria

Source: Vetiva Capital Management Limited

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