Market Wrap 02/03/20

The downward trend in the Nigerian equities market persisted in today’s session as the NESASI nosedived by 1.53%. The broad benchmark indicator was dragged southward on account of weakness in some major players in the Consumer goods, Banking and Industrial goods space.  The uninspiring reaction to the announcement of Nestle (-10.00%) 2019 full year report, coupled with weakness in PZ (-10.00%), and Unilever (-10.00%) pressured the consumer goods tracker to close underwater. More so, Access (- 6.10%), ETI (-5.56%), Guaranty (-4.62%), UBA (-3.73%) and Zenithbank (-2.43%) closed lower in the banking space while losses in Wapco (-10.00%) impacted the industrial goods index.

Meanwhile, market turnover improved to N6.03bn ($16.44 mln), buoyed by offshore related cross on NB ($ 0.67 mln) with mixed interest in Nestle ($4.9 mln) and Guaranty ($2.7mln). The NSEASI ytd return further dipped to -3.82%. We expect the market to witness the same sentiment in the next session.

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