1st June, 2020

Extending Friday's bullish performance, the Nigerian equities market started the new month with a positive performance, rising 21bps to close at 25,321.29 points. The upward movement resulted from bargain hunting in DANGSUAGR (+969bps), GUARANTY (+229bps), NB (+162bps) and BUACEMENT (+71bps) among others. However, compared to the 325mn units and N4.48bn traded in the previous session, total volume and value traded for the day slipped 22.26% and 40.87% respectively, to close at 253.13mn units and N2.65bn. However, total gainers outnumbered the decliners (28 gainers vs 10 decliners), as the market breadth remained positive at 2.80x .               

What will shape the market tomorrow? 

The domestic bourse continued to enjoy positive patronage even in the face of the continued spread of Covid-19, as well escalating tension between the US and China. We expect the bullish trend to continue tomorrow, though the possibility of profit taking cannot be overruled.         

Reporting for EasyKobo on Monday , 01 June 2020 in Lagos, Nigeria

Source: Vetiva Capital Management Limited