Market wrap 03/02/2020

Trading activity in the Nigerian equities market commenced on a negative note as sustained investor aversion towards risky asset dragged the ASI downward by 1.08% to close at 28,533.40 points. Weakness in the broad equity index was on largely underpinned by losses in the Banking and Industrial goods space; specifically FBNH (-8.40%), Access (-8.08%), UBA (-6.88%), Zenithbank (-4.56%) and Guaranty (-2.00%) all closed lower while Buacement (-2.16%) and Wapco (-0.33%) dipped in the industrial sector.  Other notable laggards at the close of the session were FO (-9.95%),Cadbury (-9.77%), Jberger (-5.78%).

Market turnover was  N3.1bn ($8.60 mln), buoyed by mixed interest in Guaranty($2.1mln) coupled with fragmented trades in Zenithbank and MTNN. The NSEASI ytd return tapered to +6.30%. We expect the market to get some support in the next session.


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