ASI makes it to the top of Everest, despite of encountering financial difficulties and cement blocks along the way   

16th April, 2020

Despite the sell pressure recorded in the Banking
(-6.25%) and the Industrial Goods (-2.04%) sectors, the ASI advanced marginally by 7bps to 222,554.84 points, due to buying interest in the Consumer Goods (+5.69%) and the Oil & Gas (+0.25%) sectors. Still on the upward trend, there was  further improvement in activities in today's session as total volume and value traded rose 16.15% and 29.60% respectively while NESTLE, ZENITHBANK and GUARANTY emerged as the top traded stocks by value. However, market breadth closed south for the day (0.90x), as 18 stocks closed higher against 20 decliners.

What will shape the market tomorrow? 

The index closed north today due to the significant upward movement in a number of large cap stocks such as NESTLE (+10.00%), NB (+989bps), MTNN (+357bps) and DANGCEM (+218bps). However, with the market breadth closing negative today, coupled with the profit taking recorded in the Banking sector, we anticipate a negative close in tomorrow's session.

Reporting for EasyKobo on Thursday , 16 April 2020 in Lagos, Nigeria

Source: Vetiva Capital Management Limited

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