Market Wrap 10/03/2020

Persistent aversion toward risk assets dominated today’s trading activities on the Nigerian equities market; the 5% NSE circuit breaker rule was almost triggered as sell pressure sent the NSEASI tumbling by 4.92% in a single trading day. The depreciation on the broad index was heightened by unimpressive performance in the banking space; notable losers were Stanbic (-10.00%),Guaranty (-9.93%), Zenithbank (-9,69%), UBA (-9.60%) and FBNH (-9.28%) among others. More so, we saw weakness in MTNN (-10.00%),NB (-9.93%), Wapco (-9.89%), Unilever (-9.40%) at the close of the session.


Meanwhile, market turnover improved to N4.20bn ($11.5mln), boosted by mixed interest trades in Guaranty, UBA, FBNH and NB. The NSEASI ytd return accelerated to -9.14%. While we expect the bearish stance to persist, bargain hunting may give the market support in the coming session.

Our site uses cookies to enhance your experience. By continuing to browse, you agree to our Privacy Policy