Market wrap 12/03/2021

Today’s trading activities on the domestic equities market closed on a negative note as the broad index declined marginally by -13bps to settle at 38,648.48. Weakness in Mtnn (-1.25%) along with sell pressure in Jberger (-3.95%),Uacn (-3.38%), Guaranty (-0.65%), Zenithbank (-0.47%) and Wapco (-0.23%) accounted for the lacklustre performance. Though market breadth remained subdued, recovery in Flourmill (+10.00%) as well as gains in UBA (+2.88%), NB (+0.71%) and NNFM (+9.71%) retrieved some valuable points in the day.

Market turnover was N3.77bln ($9.85mln) buoyed by trades in Nestle and Guaranty. Year to date performance edged lower to -4.03%. We expect the market to maintain a similar trading pattern in the coming session.


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