4th April, 2020

The ASI which traded south in the early hours of today's session ended the day up 30bps to 23,089.86 points. The positive performance came on the back of continued interest in MTNN (+357bps) as well as bargain hunting in ARDOVA (+996bps) and ZENITHBANK (+35bps), reducing the impact of losses in ACCESS (-758bps), GUINNESS (-489bps) and WAPCO (-463bps). Activity level however slowed compared to the previous session, as total volume and value traded declined slightly by 9.09% and 5.96% respectively, while trades in GUARANTY, ZENITHBANK and FBNH accounted for 60.56% of total market turnover. Meanwhile, a total of 15 stocks advanced while 19 declined as market breadth settled negative at 0.79x.  

What will shape the market tomorrow? 

Given that a number of fundamentally sound stocks remain below their fair value, we expect investors' to continue to take position in attractive counters in the near term in spite of the persistent threat of the Coronavirus pandemic.      

Reporting for EasyKobo on Monday , 04 May 2020 in Lagos, Nigeria

Source: Vetiva Capital Management Limited