Market wrap 15/03/2021

Lukewarm trading activities in the Nigerian equities market as the ASI remained subdued, depreciating by -22bps to settle at 38,561.84 in the day. Weakness in  selected consumer goods stocks: NB (-5.34%), Intbrew (-3.77%), Dangsugar (-2.23%), Guinness (-2.13%), PZ (-3.00%) along with sell pressure in some banking stocks: Guaranty (-2.60%),UBN (-0.98%0 and Zenithbank (-0.70%) accounted for the day’s performance. Nevertheless, gains in Seplat (+0.93%),Berger (+7.44%),Fidelitybk (+3.91), Fbnh (+3.52%), and UBA (+0.70%) salvaged some valuable points in the day.

Market turnover was N2.52bln ($6.59mln) buoyed by $3.6mln cross trade in Notore as well as fragmented trades in Fbnh, Zenithbank and Guaranty. Year to date performance edged lower to to -4.24%. We expect the market to maintain a similar trading pattern in the coming session.

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