Bulls to ASI “ This pandemic has lured our gigantic friends to the evil side”   


25th June, 2020


Still on a downward slope, the Nigerian equities market had another session of capital depreciation today, as the benchmark index (ASI) dropped marginally by
12bps to close at 24,625.17 points. Today's negative performance was largely due to losses in ZENITHBANK (-152bps), FBNH (-94bps) and MTNN (-42bps). Similarly, compared to the 189mn units and N1.92bn traded yesterday, total volume and value traded for the day slipped 31.15% and 15.23% respectively, with volume and value traded for the day printing 130mn units and N1.62bn. On the flip side, after posting a negative figure so far in the week, market breadth closed today's session positive at 1.13x, as 9 stocks closed higher against 8 stocks that declined.                 

           

What will shape the market tomorrow? 


In the face of uncertainties in the global space, coupled with a number of domestic challenges, the domestic equities market has been significantly pressured in recent times with declines recorded so far in the week. With tomorrow being the last trading session of the week, we anticipate an extended bearish performance as well as a negative WoW figure, though the change in market breadth to the positive side might signify a trend reversal.   


Reporting for EasyKobo on Thursday ,25 June 2020 in Lagos, Nigeria


Source: Vetiva Capital Management Limited

         

    

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