Market wrap 09/03/2021

The NSEASI nosedived by -1.80% in today’s session as uninspiring final dividend of 35k (vs. 80k in 2019) proposed by UBA (-10.0050 set the tune for the day. The index’s performance was on account of weakness in Mtnn (-5.88%) as well as southward movement in Access (-3.12%), Zenithbank (-2.03%), Fbnh (-0.68%), Sterlnbank (-8.81%) and Guaranty (-0.16%). Also, Eterna (-10.00%), Intbrew (-8.26%), Jberger (-5.85%) and NNFM (-9.52%)among others contributed to the day’s performance. Nevertheless, Dangsugar (+7.99%), Nascon (+7.69), Ucap (+4.17%),  and Fidelitybk (+0.93%) all advanced.

Market turnover was N5.91bln ($15.46mln) buoyed by block trade in Mtnn as well as mixed interest in trades in Zenithbank, UBA, and Guaranty. Year to date performance edged lower to to -3.93%. We expect the market to maintain a similar trading pattern in the coming session.


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