Investors ride the Bulls to the finish line yelling “Yee-haw”   

5th May, 2020

The Nigerian equities market extended yesterday's bullish performance to today's session, as the ASI advanced by
312bps to close at 23,801.39 points. The index rode on the back of gains in large cap stocks such as; DANGCEM (+10.00%), NESTLE (+596bps) and MTNN (+345bps). Similarly, activity level pick up in today's session as total volume and value traded increased significantly by 37.67% and 77.42% respectively, while GUARANTY, MTNN and ZENITHBANK emerged as the most traded stocks by value. Whereas, market breadth recovered to 4.14x against the 0.79x recorded yesterday, as a total of 29 stocks closed in the green against 7 that closed in the red.  

What will shape the market tomorrow? 

Gains in large cap stocks pushed the index to positive close, as all sectors closed in the green except for the Insurance sector
(-0.32%) which was negatively affected by losses in LINKASSURE (-943bps) and AIICO (-119bps). In the absence of any negative news that is capable of weakening investors' confidence, we expect today's bullish performance to filter into tomorrow's session.       

Reporting for EasyKobo on Tuesday , 05 May 2020 in Lagos, Nigeria

Source: Vetiva Capital Management Limited

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