6th April, 2020
Extending last week's bearish pattern into the new week, the ASI ended the first trading session of the week with a negative performance, shedding 202bps to close lower at 20,669.38 points. The index was largely affected by declines in heavyweight stocks such as SEPLAT (-999bps), BUACEMENT (-992bps) and DANGCEM (-640bps) as the YTD performance at the local bourse worsened to -23.00%. Market activity as well as the equities market breadth however continued to soar higher as total volume and value traded increased by 42.98% and 38.60% respectively while the market breadth closed positive at 1.54x (20 gainers vs 13 decliners).
What will shape the market tomorrow?
Losses in large cap stocks in the Industrial goods (-7.23% d/d) and the Oil & Gas (-4.93% d/d) sectors reduced the impact of gains recorded in the BANKING (+2.61% d/d), Insurance (+1.94%) and the Consumer goods (+0.55% d/d) sectors. Nonetheless, barring significant negative price movement in heavyweight stocks tomorrow, we expect a positive close owning to recent interest seen in a number of fundamentally sound stocks trading at lower bands.
Reporting for EasyKobo on Friday , 07 April 2020 in Lagos, Nigeria
Source: Vetiva Capital Management Limited