23rd June, 2020

Inspite the late resurgence in MTNN (+164bps) coupled with buying interest in FLOURMILL (+152bps) and ZENITHBANK (+62bps), the ASI still could not post a positive close, down marginally by 1bps to close the day at 24,751.32 points. The negative performance resulted from losses in ETI (-510bps), NB (-270bps) and WAPCO (-222bps) among others. However, compared to the previous session, activity level saw an uptrend as total volume and value traded increased by 34.69% and 17.41% respectively, courtesy of large trades in GUARANTY, DANGCEM and MTNN. Market breadth however maintained its downward slope, closing negative at 0.39x (9 gainers vs 23 decliners).                 

What will shape the market tomorrow?
Amidst weak market sentiment, the Nigerian equities market extended days of capital depreciation to four consecutive sessions. Barring any significant upward movement in large cap stocks tomorrow, we anticipate another downward performance, though a number of fundamentally sound stocks might start to see traction due to current price levels.     

Reporting for EasyKobo on Tuesday ,23 June 2020 in Lagos, Nigeria

Source: Vetiva Capital Management Limited