Market Wrap 06/03/2020

Trading activities on the Nigerian equities market closed on a negative note as the NSEASI sank by 0.55% at the close of the session. Today’s weak performance on the broad index was largely due to sell pressure in the banking space; notable laggards were ETI (-9.30%), Stanbic (-1.96%), Guaranty (-1.20%), FBNH (-6.96%), Zenithbank (-6.00%), Access (-3.41%), and UBA (-3.50%), though UBN (+2.92%) rallied on the back of the announcement of its first dividend payment of 25 kobo in 11 years. Other notable losers included Unilever (-3.70%), Wapco (-2.50%), Uacn (-2.22%) and Afriprud (-1.88%) among others. Meanwhile, investors showed positive sentiment towards Mobil (+9.98%), Buacement (+1.58%).

Market turnover improved to N4.2bn ($11.68mln), boosted by mixed interest trades in Guaranty, Zenithbank and Nestle. The NSEASI ytd return tapered further to -2.10%. We expect the market to witness the same sentiment in the next session

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