22nd December, 2020
Despite an apparent swing in investor sentiment, the ASI maintained its positive momentum once again, rising 120bps to close at 37,893.61 points. Among the gainers, Oil and Gas player ETERNA (10.00%) reversed its losses from the previous session, whilst DANGCEM (+634bps) FTNCOCOA (+882bps), COURTVILLE (+476bps) and CADBURY (+405bps) were among the top gainers. Although sell-offs dominated the market, it was small caps such as CHIPLC (-10.00%) REDSTAREX (-962bps), ABCTRANS (-909bps) and JOHNHOLT (-893bps). Meanwhile, the Oil and Gas index closed 33bps lower, dragged by OANDO (-290bps). Market activity was much improved, as volume traded improved 3.55%, while turnover grew 210.86% to N10.3 billion, with DANGCEM, GUARANTY and ZENITHBANK accounting for 57.15% of market turnover. Finally, market breadth worsened to 1.44x with 16 gainers and 23 decliners.
What will shape the market tomorrow?
With sell-offs gradually outpacing market demand, we foresee another mixed session with a positive tilt, as investors continue to buy into DANGCEM. However, we do expect general sentiment to remain in favour of the bears.
Reporting for EasyKobo on Tuesday ,22 December 2020 in Lagos, Nigeria
Source: Vetiva Capital Management Limited