The giant giveth and the giant taketh away   

3rd April, 2020

The ASI could not sustain yesterday's positive performance, down marginally by
11bps to 21,098.57 points due to declines in the two most capitalized stocks; DANGCEM (-265bps) and MTNN (-86bps). The equities market breadth (1.25x) however closed positive for the first time this week as 15 stocks closed higher against 12 decliners. Likewise, market activity for the day improved as total value traded increased marginally by 3.97% despite a 7.92% drop in total volume traded. On the flip side, trading sessions during the week were dominated by heavy sellers, leading to a four negative performances of the five trading sessions, while the WTD and YTD performances settled at -3.49% and -21.40% respectively. Still on the bearish trend, performance across sectors closed south as four of the five major sub-sectors ended the week down, as the Banking sector (-5.26% WoW) led the laggards while the Oil & Gas sector (+2.33% WoW) emerged as the lone gainer.

What will shape the market tomorrow? 

With declines in the price of a number of fundamentally sound stocks this week, we expect some cherry picking at the beginning of next week though the performance of the index still largely depends on event around the continued spread of the Coronavirus pandemic as well as happenings in the Crude oil market.

Reporting for EasyKobo on Friday , 03 April 2020 in Lagos, Nigeria

Source: Vetiva Capital Management Limited

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