Bulls refuse to give up their Iron throne!   

3rd June, 2020

The All Share Index held on to its bullish run, rising marginally by
10bps today to close at 25,407.96 points. Trading session was however mixed as profit taking was recorded in a number of mid/large cap stocks such as; PZ (-943bps), GUINNESS (-500bps), ZENITHBANK (-58bps) and DANGCEM (-35bps). On the flip-side, investors took positions in PRESCO (+904bps), ETI (+700bps) and MTNN (+129bps). We saw large crosses in a number of mid/large cap stocks in today’s session with trades in DANGCEM, NB and GUARANTY accounting for 73.38% of total turnover. Thus, activity level closed mixed as total volume traded reduced marginally by 6.51% while value traded was up 16.12%. Contrary to the positive trend seen in the last few sessions, the market breadth settled negative today at 0.95x, as 18 stocks closed north while 19 closed south.               

What will shape the market tomorrow? 

Despite the profit taking witnessed in other counters today, the domestic bourse was largely saved by the gain in the second most capitalized stock MTNN
(+129bps). Barring any significant positive movement in large cap stocks tomorrow, we expect the market to close south (evidenced by the negative market breadth 0.95x).       

Reporting for EasyKobo on Thursday , 03 June 2020 in Lagos, Nigeria

Source: Vetiva Capital Management Limited   

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