Nigerian Bourse drinks the green cocktail, and ends the week on a “happy high” note   

17th April, 2020

The ASI ended the last trading session of the week with a positive performance, rising
163bps to close at 22,921.59 points. The index rode on the back of gains recorded in NB (+985bps), BUACEMENT (+833bps), ACCESS (+635bps) and NESTLE (+589bps) among others, despite losses in OANDO (+903bps), WAPCO (-333bps) and FLOURMILL (-140bps). However, activity level for the day declined as total volume and value traded dipped 38.91 and 39.67% respectively. Meanwhile, the WTD performance closed in the green, up 7.19% as buying interest was sustained across sessions in the week. Likewise, all sectors closed the week in the green, led by the Consumer Goods sector that rose 15.57% WoW (as a result of gains in NB and NESTLE), followed closely by the Industrial Goods (+5.16%), Banking (+4.73%), Oil & Gas (+1.47%) and the Insurance (+0.83%) sectors.

What will shape the market tomorrow? 

Going into the coming week, we expect investors to continue to cherry pick on a number of fundamentally sound stocks trading at lower bands. However, with the continued spread of the Coronavirus Pandemic as well as low crude oil prices, we cannot totally overrule the possibility of sell pressure, given that the macroeconomic space remains fragile. 

Reporting for EasyKobo on Friday , 17 April 2020 in Lagos, Nigeria

Source: Vetiva Capital Management Limited

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