Banking Bulls made ASI an offer they couldn't refuse
27 April 2020 : Extending Friday's positive close, the domestic bourse ended the first trading session with a positive performance as the benchmark index (ASI) increased marginally by 7bps to close the day at 22,616.28 points. The index rode on the back of gains in GUARANTY (+363bps), ZENITHBANK (+107bps) and MTNN(+87bps), mitigating the impact of declines in NB (-10.00%), GUINNESS (-185bps) and UBA(-85bps). Activity level however slowed significantly as total volume and value traded diminished by 57.26% and 42.71% respectively even as GUARANTY, MTNN and NB emerged as the most traded stocks by value. However, investor sentiment as measured by the market breadth closed negative at 0.57x as 8 stocks closed higher against 14 that closed south.
What will shape the market tomorrow?
The domestic bourse today was saved by the capital appreciation in the second most capitalized stock as well as bargain hunting in a number of Tier 1 banking names. However with the market breadth closing significantly low as well as the declining market activities, we anticipate a bearish session tomorrow, barring significant positive movement in large cap stocks.
Reporting for EasyKobo on Monday , 27 April 2020 in Lagos, Nigeria
27 April 2020 : Extending Friday's positive close, the domestic bourse ended the first trading session with a positive performance as the benchmark index (ASI) increased marginally by 7bps to close the day at 22,616.28 points. The index rode on the back of gains in GUARANTY (+363bps), ZENITHBANK (+107bps) and MTNN(+87bps), mitigating the impact of declines in NB (-10.00%), GUINNESS (-185bps) and UBA(-85bps). Activity level however slowed significantly as total volume and value traded diminished by 57.26% and 42.71% respectively even as GUARANTY, MTNN and NB emerged as the most traded stocks by value. However, investor sentiment as measured by the market breadth closed negative at 0.57x as 8 stocks closed higher against 14 that closed south.
What will shape the market tomorrow?
The domestic bourse today was saved by the capital appreciation in the second most capitalized stock as well as bargain hunting in a number of Tier 1 banking names. However with the market breadth closing significantly low as well as the declining market activities, we anticipate a bearish session tomorrow, barring significant positive movement in large cap stocks.
Reporting for EasyKobo on Monday , 27 April 2020 in Lagos, Nigeria
