7th April, 2020

The Nigerian equities market ended today's session in the green as gains in the Banking (+3.22%) and Industrial Goods (+0.30%) sectors mitigated the impact of losses recorded in the Insurance (-2.18%), Oil & Gas (-0.62%), and the Consumer Goods (-0.14%) sectors. Following gains recorded in the aforementioned sectors, the ASI rallied 1.24% to 20,925.19 points, ending its two sessions losing streak. Activity levels however continued its upward momentum as total volume rose 1.83% above the 336.42mn units traded yesterday while value traded closed higher by 20.27% from the N4.13bn recorded yesterday to N4.96bn in today's session. The equities market breadth once again closed in the green, settling at 2.40x as 24 gainers emerged against 10 decliners.

What will shape the market tomorrow? 

Stocks at the domestic market continued to enjoy positive patronage (evidenced by the consecutive positive market breadth) as investors again took position in a number of fundamentally sound stocks trading at their lows. Though we expect a similar trading pattern tomorrow, we however cannot overrule the possibility of profit taking on recent gains.

Reporting for EasyKobo on Tuesday , 07 April 2020 in Lagos, Nigeria

Source: Vetiva Capital Management Limited