14th December, 2020
Following five consecutive sessions of closing in the red, the domestic bourse halted its losing streak as the ASI advanced 173bps d/d to close at 34,843.44 points, while the YTD performance increased to +29.81%. Though the index traded in the negative territory in the early hours of today's session, however, with the capital appreciation seen in mid/large cap stocks such as AIRTELAFRI (+10.00%), DANGCEM (+273bps) and WAPCO (+219bps) among others, the domestic bourse closed positive at the end of the session. On the flip side, the positive performance for the day didn't reflect in the activity levels for the day, as the total volume and value traded slipped 73.86% and 17.13% respectively, while ZENITHBANK, AIRTELAFRI and GUARANTY were the most patronized stocks by value. Likewise, as against the 0.40x recorded in the previous session, investors' sentiment as measured by the market breadth closed positive at 1.86x, courtesy of 26 gainers against 14 decliners.
What will shape the market tomorrow?
With prices of a number of bellwether stocks falling to attractive levels in the previous week, the domestic market was controlled by the Bulls amidst bargain hunting activities in major large cap stocks. However, with three of the five major sectors closing the day south, the possibility of the index returning to the negative region tomorrow cannot be overruled, as most investors' remain cautious in the interim, while they anticipate opportunities for further capital gains.
Reporting for EasyKobo on Monday ,14 December 2020 in Lagos, Nigeria
Source: Vetiva Capital Management Limited