Market wrap 05/05/2020

Selloff in index heavyweight, Dangcem (-5.50%) pulled the market performance tracker by 1.19% lower though the banking index heaved a sigh of relief on late surge in UBN (+9.85%) and Access (+3.89%). However, FBNH (-2.54%), Stanbic (-0.65%) and ETI (-1.39%) declined among the banks. The consumers closed under water on retreat in NB (-6.36%), Nascon (-10.00%) and Intbrew (-2.22%) as well as lackluster showing among the oil & gas index, induced by 11Plc (-9.94%) and Oando (-1.92%).

Market turnover recorded was modest at N4.3bn ($11.8m) buoyed by mixed interest crosses in Zenith ($4.4m) and offshore block trades in Guaranty ($0.6m). Ytd return on the ASI tapered further to $4.66%. We expect the market to find support around current levels in the coming sessions.

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