Gigantic Bulls exterminate the bears and whisper in their ear “ Hasta la Vista baby!”   


2nd June, 2020


Despite profit taking in WAPCO
(-172bps), ACCESS (-139bps) and DANGSUGAR (-71bps), the domestic bourse continued on its upward trend as the ASI advanced 27bps to 25,383.43 points, courtesy of capital appreciation in the two most capitalized stocks DANGCEM (+144bps) and MTNN (+43bps). Market turnover however saw a rebound when compared to figures posted yesterday, after total volume and value traded for the day increased significantly by 49.28% and 128.87% respectively, while trades in NB, DANGCEM and GUARANTY dominated market turnover. Similarly, the market breadth once again closed positive at 1.11x, as 20 stocks closed in the green while 18 stocks closed in the red.               


What will shape the market tomorrow? 


With the continued gradual pick up in a number of global indicators, we expect the market to continue its bullish pattern tomorrow, though the possibility of profit taking cannot be overruled. However, with the recent upswing witnessed at the local bourse, we recommend a cautious trading strategy in the short term, though investors wi
lling to invest for medium to long term tenure can still take advantage of current price levels.     


Reporting for EasyKobo on Wednesday , 02 June 2020 in Lagos, Nigeria


Source: Vetiva Capital Management Limited

     

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