Today, expectations of the passage of a $2 trillion economic rescue package for the US sent waves of bullish sentiments across global markets. For a normal crisis, this package is huge enough to eliminate any threat of a recession. Sadly, COVID-19 is not a normal pandemic.
In a similar vein, Nigeria’s House of Representatives passed the Emergency Economic Stimulus Bill 2020, which, among other things, aims at providing temporary relief to companies and individuals from the economic consequences of the COVID-19 pandemic.
The All Share-Index (ASI) greeted these developments with a marginal decline of -0.05% to expand the Year-to-Date (YTD) loss of the Market to -19.05%.
Other global indices:
- FTSE 100 (UK) – up by 4.45%
- Dax (Germany) – up by 1.79%
- CAC 40 (France) – up by 4.47%
- Nikkei 225 (Japan) – up by 8.04%
- S & P 500 (US) – up by 1.15%
Market Breadth: Despite the bearish return of the ASI, market breadth registered a positive sentiment to produce 20 gainers compared to 7 losers led by TOTAL. NEIMETH on the gainers chart continues to attract the interest of investors since the CBN announced 100 billion intervention in healthcare loans to pharmaceutical companies. See the list of top gainers and losers below:
Market Turnover: GTB and ZENITH led the turnover chart as market activities declined by 29.27% in volume and 37.25% in value. Top ten trades are summarised below.
Have a great evening.