Market wrap 07/05/2020

Sustained positive sentiment in the Nigerian equities market as the All Share Index (+0.87%) recovered from early weakness to settle at 24,354.25 points at the close of the session. Today’s gains on the broad market index was largely underpinned by point amassed in the Consumer goods and Industrial sectors. Specifically, early gains in market heavy weight Nestle (+2.56%) set the tone in the consumer goods space as NB (+5.76%), Intbrew (+2.04%), PZ (+7.14%) closed on a positive note. Meanwhile gains recorded in cement giants Dangcem (+4.31%) and Buacement (+1.57%) sufficiently upset weakness in Wapco (- 2.24%) at the close of the session. However, the banking index headed south on account of profit taking in FBNH (-4.08%), Zenithbank (- 3.80%), Access (-3.05%), Guaranty (-1.96%), and UBA (-1.59%).

Market turnover was N5.20bn ($13.42mln), buoyed by offshore interest trades in Guaranty ,Nestle  and mixed interest in Zenithbank. The NSEASI ytd return moderated to -9.27%. We expect the market to witness the same sentiment in the next session.



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