Market Wrap 05/03/2020

The Nigerian equities market sustained its recent upward trend as the NSEASI appreciated marginally by 13bps to close at 26,449.22 points. Gains recorded in Stanbic (+9.85%), ETI (+9.32%), UBA (+3.62%), UACN (+2.27%), Zenithbank (+2.04%), FBNH (+1.77%) ,Guaranty (+1.22%), WAPCO (+0.72%) and Buacement (+0.29%) supported the broad index to close in the green zone. On the flipside, the session saw weakness in Nestle (-5.83%), Glaxosmith (-9.52%), UBN (-3.52%) and Access (-2.22%).

 Market turnover improved to N7.82bln ($21.4 mln), buoyed by offshore related crosses in Nestle ($8.00 mln) and fragmented trades in Zenithbank, and Guaranty. The NSEASI ytd return moderated further to -1.46%. We expect the market to witness the same sentiment in the next session.

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