Market wrap 05/06/2020

Activities in the Nigerian equities market ended on a negative note as the benchmark index depreciated by 1.15% to settle at 25,020.72 points. The broad index performance was largely on account of points lost by cement manufacturers; Dangcem (-2.04%), and Buacement (-5.44%) as well as weakness in Cadbury (-9.47%), NB (- 4.55%), Guinness (-3.68%) and Guaranty (-2.45%). Despite the negative movement on the broad indicator, Access (+2.31%), UBA (+2.31%), Wapco (+1.32%), and Zenithbank (+0.30%) remained resilient.

Market turnover was N2.5bn ($6.48mln), buoyed by trades in NB, Guaranty, Dangcem and Zenithbank. The NSEASI ytd return dipped to -6.79%. We expect the market to find stability next week.

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