27th May, 2020

The domestic market continued on its bullish trend, ending the first trading session of the week with a 7bps gain to close higher at 25,221.29 points. The index was positively affected by price increases in NB (+10.00%), ZENITHBANK (+560bps) and DANGCEM (+246bps) among others. Similarly, activity level saw a significant spike as total volume and value traded increased by 162.64% and 128.35% respectively, with GUARANTY, ZENITHBANK and FBNH emerging as the most traded stocks by value. Still on the bullish trend, a total of 32 stocks closed in the green, while 11 stocks closed south as the market breadth closed positive at 2.91x.               

What will shape the market tomorrow? 

Stocks at the local bourse continued to witness investors' renewed interest, as buyers price in their optimism around improving global activities as well as gradual stability in the crude oil market, into prices of most stocks. With the continued buying interest seen across board today, as well as the significant spike in activity level, we expect no deviation from this trading patter tomorrow, baring any global and domestic shocks.      

Reporting for EasyKobo on Wednesday , 27 May 2020 in Lagos, Nigeria

Source: Vetiva Capital Management Limited