When Banks refused to give ASI a loan, they pulled out the big guns to continue their winning streak   

7th May, 2020

Gains in a number of large cap stocks mitigated the impact of losses in ZENITHBANK
(-380bps), GUINNESS (-343bps), ACCESS (-305bps) and GUARANTY (-196bps) as bullish run was sustained at the domestic market. Following the gains in the large cap stocks, the ASI advanced by 87bps to close higher at 24,354.25 points. Similarly, activity level improved in today's session as total volume and value traded increased by 1.16% and 28.24% respectively, while NESTLE, GUARANTY and ZENITHBANK emerged as the most traded stocks by value. On the flip side, contrary to 8.75x market breadth that was recorded yesterday, market breadth today closed flat (1.00x) as 20 gainers and decliners emerged.      

What will shape the market tomorrow? 

Crosses will continue to dominate the market as seen today in NESTLE, GUARANTY, ZENITHBANK and FBNH. We anticipate a mixed trading session tomorrow, with continued bargain hunting in some counters though at lower level while investors in a few names that have appreciated in recent session will be happy to take profit. Having gained in all of the four sessions so far this week, the index is expected to post a positive WoW return.       

Reporting for EasyKobo on Thursday , 07 May 2020 in Lagos, Nigeria

Source: Vetiva Capital Management Limited

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