Bullish “we are the incredible hulks” parade was interrupted by the mobster bears   

20th April, 2020

Despite trading in the green for most part of today's session, the ASI could not sustain the bullish momentum, ending the first trading session of the week marginally down by
1bps to close at 22,920.56 points. The side ways performance was as a result of losses in GUINNESS (-937bps), ZENITHABNK (-567bps), GUARANTY (-433bps) and WAPCO (-172bps) among others, which mitigated the impact of gains in JBERGER (+10.00%), BUACEMENT (+848bps), NB (+665bps) and MTNN (+363bps). However, activity level for the day improved, as the total volume and value traded increased significantly  by 48.20% and 61.16% respectively, while trades in NESTLE, GUARANTY and FBNH accounted for 70.50% of total value traded. Meanwhile, market breadth closed negative, as JBERGER led 14 gainers against the 16 decliners topped by GUINNESS.

What will shape the market tomorrow? 

With the bullish momentum softening in today's session (evidenced by the negative market breadth), we expect some profit taking in some counters tomorrow though the possibility of bargain hunting still exist in some fundamentally sound stocks. 

Reporting for EasyKobo on Monday , 20 April 2020 in Lagos, Nigeria

Source: Vetiva Capital Management Limited

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