Great Bulls are not born great, they grow great, by ripping the faces off their enemies- everyday!
29th April, 2020
The Nigerian equities market once again enjoyed positive sentiment as buying interest in mid/large cap stocks such as WAPCO (+268bps), MTNN (+238bps), ACCESS(+160bps) and GUARANTY (+48bps) closed the index north. Following the capital appreciation in the said stocks, in conjunction with gains in other counters, the ASI advanced by 62bps while the YTD performance moderated to -14.80% from the -15.33% recorded yesterday. However, market activity closed mixed as the total volume traded increased marginally by 4.00% while the total value trade dropped by 7.44%. A total of 14 stocks advanced in today's session against 12 stocks that declined as market breadth remained positive at 1.17x.
What will shape the market tomorrow?
The local bourse has seen renewed interest in recent sessions as investors continue to cherry pick on attractive fundamentally sound stocks with cheap valuations. We don't expect a different pattern tomorrow given that a number of counters are still trading at discounts. However, with tomorrow being the last trading session of the month, the possibility of profit taking on gains made recently can't be overruled.
Source: Vetiva Capital Management Limited
29th April, 2020
The Nigerian equities market once again enjoyed positive sentiment as buying interest in mid/large cap stocks such as WAPCO (+268bps), MTNN (+238bps), ACCESS(+160bps) and GUARANTY (+48bps) closed the index north. Following the capital appreciation in the said stocks, in conjunction with gains in other counters, the ASI advanced by 62bps while the YTD performance moderated to -14.80% from the -15.33% recorded yesterday. However, market activity closed mixed as the total volume traded increased marginally by 4.00% while the total value trade dropped by 7.44%. A total of 14 stocks advanced in today's session against 12 stocks that declined as market breadth remained positive at 1.17x.
What will shape the market tomorrow?
The local bourse has seen renewed interest in recent sessions as investors continue to cherry pick on attractive fundamentally sound stocks with cheap valuations. We don't expect a different pattern tomorrow given that a number of counters are still trading at discounts. However, with tomorrow being the last trading session of the month, the possibility of profit taking on gains made recently can't be overruled.
Source: Vetiva Capital Management Limited
