Bargain hunting puts a positive intermission in the movie “ Bears Rule”   

13th May, 2020

After three consecutive sessions of capital depreciation, the domestic market returned to the positive side, to close marginally up by
6bps to 23,709.44 points. The upward movement resulted from gains in UNILEVER (+996bps), MOBIL (+994bps), TOTAL (+675bps) and GUARANTY (+214bps) which mitigated the effect of losses in MTNN (-143bps) and UBA (-82bps). Market continued to trade on thin volume with activity level closing mixed, as total volume traded increased marginally by 2.28% while the total value traded again dropped by 8.06%. UNILEVER led the other 19 gainers for the day while UNIONDAC led the 8 decliners, as market closed positive at 2.50x.             

What will shape the market tomorrow? 

Bargain hunting across sectors pushed the ASI to a positive close, as the domestic bourse halted its losing streak. We expect the market to trade mixed tomorrow, as investors continue to cherry pick on cheap counters while taking profit on those that had yielded positive returns in the short term with activity level remaining around the week’s average.       

Reporting for EasyKobo on Wednesday , 13 May 2020 in Lagos, Nigeria

Source: Vetiva Capital Management Limited 

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