Bulls to Bears “ We wont stop when we are tired, we will stop when we are done shredding you to pieces”   

28th April, 2020

Buying interest in GUARANTY
(+500bps), ZENITHBANK (+458bps) and NESTLE (+112bps) among others, sustained the bullish trend at the equities market as the ASI closed higher by 49bps to settle at 22,727.87 points. Also, contrary to the slowed activity level that was recorded yesterday, total volume and value traded rebound in today's session, up by 151.39% and 106.74% respectively, with trades in NESTLE, ZENITHBANK and GUARANTY accounting for 48.14% of the total value traded. Still on the upward trend, market breadth improved to 1.80x from the 0.57x recorded yesterday as 18 stocks closed in the green against 10 that closed in the red.  

What will shape the market tomorrow? 

With the absence of sell pressure from the offshore investors supported by the buying interest from the local investors, a number of stocks at the local bourse have been able to mover higher from the lows recorded in the last few weeks. We expect today's trading pattern to filter into tomorrow's session, in the absence of profit taking in the Banking stocks as well as sell pressure in large cap stocks.    

Reporting for EasyKobo on Tuesday , 28 April 2020 in Lagos, Nigeria

Source: Vetiva Capital Management Limited

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