Market wrap 09/04/2020

The Nigerian equities market remained unbeaten in today’s session as the NSEASI appreciated by 1.47% to close at 21,384.03 points.  Save for Industrial and Insurance sectors which closed in the red, other sector trackers finished in the green region as investors showed positive sentiment towards risky assets. The upward movement in the broad index was specifically on account of gains in Nestle (+8.52%), Seplat (+1.00%), UBA (9.73%), FBNH (+6.82%),, Wapco (+7.20%), Stanbic (+6.12%), Zenith (+5.66%) and Guaranty (+3.01%) among others.

Market turnover was 5.02bn ($13.24 mln), boosted by domestic related trades in Dangcem ( $ 1.89 mln) and mixed interest trades Guaranty, and Nestle. The NSEASI ytd return tapered to -20.33%. We expect sentiment for stocks to remain broadly tepid, though with sustained interest on select blue-chip stocks while not ruling out intermittent profit-taking

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