Market wrap 04/05/2020

Trading activities in the Nigerian equities market started on a bright note in the month of May as the All Share Index rose by 30bps to close at 23,089.86 points. Today’s performance was underpinned by points amassed by index heavyweight, MTNN (+3.57%) coupled with gains recorded in Ardova (+9.96%), UACN (+4.35%), UBN (+3.70%), Dangsugar (+2.81%) and Zenithbank (+0.35%). Despite the upward trend in the broad index, market breadth finished in the negative region; notable among the laggards were: Access (-7.58%), Guinness(-4.89%) Wapco (-4.63%), UBA (- 4.13%), ETI (-3.37%), FCMB (-5.23%) among others.

Market turnover was N2.4bn ($6.1mln), though boosted by trades in Guaranty and Zenith. The NSEASI ytd return moderated to -13.98%. We expect the market to witness the same sentiments in the next session.

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