Investors are greeted with negativity at week-open   

11th May, 2020

With the absence of significant positive movement in any of the large cap stocks, the domestic bourse extended Friday's bearish performance into today’s session, to end the first trading session of the week down by
39bps while settling at 23,950.83 points. The bearish performance resulted from declines in GUARANTY (-433bps) and ZENITHBANK (-227bps) among others, while reducing the impact of gains in UNILEVER (+10.00%) and ARDOVA (+458bps). Similarly, there was a mild reduction in activity level for the day, as total volume and value traded declined by 1.84% and 19.13% respectively, though GUARANTY, FBNH and ZENITHBANK emerged as the most traded stocks by value. However, market breadth closed positive at 1.17x as 14 gainers emerged against 12 decliners.          

What will shape the market tomorrow? 

Barring any positive movement in heavyweight stocks tomorrow, we expect a similar trading pattern, given that buyers continued to bid at lower levels as seen in today's session.      

Reporting for EasyKobo on Monday , 11 May 2020 in Lagos, Nigeria

Source: Vetiva Capital Management Limited 

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