15th June, 2020

Amidst fear of the likely possibility of the second wave of the Corona virus pandemic, the Nigerian equities market traded in line with other global indices, ending the first trading session of the week down by 90bps to close at 24,956.04 points. The negative performance emanated from sell pressure in a number of mid/large cap stocks, including but not limited to BUACEMENT (-181bps), MTNN (-169bps) and GUARANTY (-167bps). Similarly, the trading session for the day was largely quiet as total volume and value traded declined by 29.51% and 52.74% respectively though ZENITHBANK, GUARANTY and FBNH were the most traded stocks by value. Likewise, while 16 stocks closed in the green for the day, a total of 25 stocks closed south as market breadth settled negative at 0.64x.                  

What will shape the market tomorrow? 

Just in line with our expectations, the domestic bourse stumbled on the fear of the second possible wave of the Corona virus as a number of mid/large cap stocks closed in the red. Barring any positive news capable of lifting sentiment, we expect the market to continue on its downward slope tomorrow.           

Reporting for EasyKobo on Monday , 15 June 2020 in Lagos, Nigeria

Source: Vetiva Capital Management Limited