Market wrap 01/04/2020

No respite yet in the  Nigerian equities market, as trading activities for April commenced on a bearish note. Consequently, the ASI depreciated by 94 bps to close the session at 21,100.54points. Today’s weakness was underpinned by unimpressive performance on market heavy weight Dangcem(-9.95%), coupled with points lost in some consumer goods major; Unilever (-10.00%), Guinness (-9.92%), NB (-3.31%),Flourmill (-9.88%) and UACN (-6.94%). Prominent laggards in the banking space were ETI (-8.99%), Access (-3.36%), Zenithbank (-2.56%), and FBNH(-1.27%).

Market turnover was meager at N1.76bn ($4.60mln), boosted by mixed interest in Zenithbank, Guaranty, MTNN and NB. The NSEASI ytd return tapered further to -21.39%. We expect the market to witness the same sentiment in the next session.

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