Market wrap 03/09/2020

Despite low activity levels, sustained bargain hunting  in select counters, kept the NSEASI afloat, as it rose by  +0.20% to 25,511.02 on the day. Investors reaction was mixed towards the banks following the release of more Q2 results from the sector leaders.  Key movers included Zenith (+1.47%), which rallied on relatively decent set of numbers released during the session; UBA (+0.78%) and FCMB (+4.76%). These muted declines in Sterlingbank (-4.80%) and Fidelity(-0.55%).  Other major market drivers were UACN(+4.20%) and MTNN(+0.51%) which advanced on relative contraction in offers. In all, market breadth was positive and about 3 advancers were recorded for every one that declined.

 Market turnover was low at  N1.32bn ($3.39mln),  with no major block trades recorded. The negative NSEASI ytd return moderated to -4.96%. We expect the market to witness similar sentiments in the next session.

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