24th June, 2020

With the absence of significant price movement in mid/large cap stocks, the domestic market took another hit as the ASI declined 38bps to close at 24,654.99 points, while the YTD return worsened to -8.15%. Activity level however maintained an upward trend, with total volume and value traded rising 12.70% and 23.82% respectively, while ZENITHBANK, FBNH and SEPLAT emerged as the most traded stocks by value. Similarly, market breadth remained negative at 0.77x (though better than the 0.39x printed yesterday), as 17 stocks closed in the green while 22 stocks closed south.                 

What will shape the market tomorrow? 

It was another bearish session at the local market as mid/large cap stocks such as SEPLAT (-998bps), NB (-361bps) and GUARANTY (-22bps) among others closed the index south. With not so much interest on the demand side coupled with the sell pressure on the supply side, we expect no deviation from this trading pattern tomorrow, though the possibility of bargain hunting cannot be overruled.     

Reporting for EasyKobo on Wednesday ,24 June 2020 in Lagos, Nigeria

Source: Vetiva Capital Management Limited