Bull’s ego started writing checks that their body couldn't cash, and they sank- DEEP!   

23rd April, 2020

In spite of the buying interest seen in the Banking sector where all Tier 1 banking stocks closed in the green, the domestic bourse was adversely affected by price declines in heavyweight stocks such as, NESTLE
(-667bps), BUACEMENT (-531bps) and DANGCEM (-331bps), as the ASI dropped 136bps to close at 22,470.79 points. There was however an improvement in market activity as the total volume and value traded increased by 8.78% and 81.31% respectively, spurred by large trades in NESTLE, DANGCEM and ACCESS. Meanwhile, market breadth once again closed positive at 1.06x (though lower than the 4.75x recorded yesterday) as 16 stocks advanced while 15 declined.

What will shape the market tomorrow? 

Having lost in three of the four trading sessions so far this week, we expect today's bearish pattern to filter into tomorrow's session, though recoveries in some of today’s heavyweight decliners might support a positive close.  

Reporting for EasyKobo on Thursday , 23 April 2020 in Lagos, Nigeria

Source: Vetiva Capital Management Limited


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