Market wrap 05/05/2020

Today’s trading session ended on a positive note as the benchmark index advanced by 3.12% to close at 23,809.31 pts. The broad market indicator was largely supported by gains recorded in large cap stocks; Dangcem (+10.00%) Nestle (+5.96%) and MTNN (+3.45%). Other notable gainers in the session were Access (+6.56%), UBA (+5.17%), Wapco (+3.88%), Zenithbank (+3.48%) and FBNH (+2.17%). Market breadth closed in the positive region with 29 advancers against 7 laggards.

Market turnover was N4.25bn ($10.85mln), buoyed by mixed interest trades in Guaranty, Zenithbank and domestic block deals in MTNN. The NSEASI ytd return moderated to -11.30%. We expect the market to witness the same sentiments in the next session.

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