Market Wrap 12/03/2020

The Nigerian equities market took another dip today as the broad index plummeted by -3.72% to settle at 22,695.88 points at the end of the session. Bargain hunters could not salvage the situation as persistent sell pressure dominated the session; specifically MTNN (-9.95%), NB (-10.00%), Zenithbank (-9.96%), UBA (-9.68%), Guaranty (-9.05%) and FBNH (-9.09%) among others, closed the session in the red region.

Today’s loss bring the NSEASI ytd return to -15.45% as the bears maintained their grip on the equities market.Market turnover was impressive at N9.8bn ($26.8mln), boosted by mixed interest trades in Guaranty, Zenithbank, UBA and MTNN. We expect the market to witness the same sentiment in the next session.

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