Market Wrap 03/03/2020

A breather in the Nigerian equities market today as trading activity finished on a positive note amid renewed interest in bellwethers, particularly in the Banking space. The NSEASI appreciated by 1.70% buoyed by Nestle (+6.19%) on light volumes, coupled with gains in notable names like  MTNN (+4.55%), Access (+9.74%), FBNH (+9.57%), UACN (+9.46%), Zenithbank (+8.59%), Guaranty (+7.93%) and UBA (+6.20%). However, Buacement (-7.40%), Dansugar (-9.92%), and Okomuoil (-9.71%) succumbed to sell pressure to finished the day in the negative region.

 Market turnover closed at N5.07bn ($13.83 mln), buoyed by offshore related cross on NB ($1.4m) and fragmented trades in Guaranty, Access and Zenithbank. The NSEASI ytd return moderated to -2.19%. We expect the market to witness the same sentiment in the next session.

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