Superman(Bank) came to the rescue of the sinking Bourse, and flew them to a green patch of land   

22nd April, 2020

The domestic bourse recovered part of yesterday's decline as the benchmark index (ASI) gained
66bps to close at 22,780.30 points. The upward movement resulted from gains in WAPCO (+966bps), ZENITHBANK (+536bps), ACCESS (+246bps) and GUARANTY (+136bps) as investors took advantage of the price depreciation recorded yesterday. Activity level again weakened as total volume and value traded decreased by 25.36% and 20.30% respectively even as trades in GUARANTY, ZENITHBANK and WAPCO accounted for 59.38% of total value traded. Market breadth however improved significantly to 4.75x from 0.15x recorded yesterday, as 19 stocks closed higher against 4 decliners.

What will shape the market tomorrow? 

Given that most fundamentally sound stocks are currently trading below their fair value, we expect investors to continue to take advantage of low pricing though the effect of the Coronavirus pandemic as well as the declining oil price continues to pose a threat. 

Reporting for EasyKobo on Wednesday , 22 April 2020 in Lagos, Nigeria

Source: Vetiva Capital Management Limited  

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