Market wrap 17/04/2020

The Nigerian equities market consolidated on preceding week’s gain as the broad index closed the four session on a positive note. Today,gains in the Industrial sector coupled with recovery in the banking space embolden the NSEASI to finish up by 1.63% at 22,921.59 ptns. Specifically Access (+6.35%), Zenithbank (+4.53%), FBNH (+3.30%), Guaranty (+1.46%) closed up among the banks while Buacement (+8.33%) supported the industrial tracker into the green region. Aslo, positive sentiment in Nestle (+5.89%), NB (+9.85%), Jberger (+2.94%), and Conoil (+9.78%) sufficiently erased losses posted in Cadbury (-10.00%), Ardova (-9.82%), Wapco (-3.33%) and Flourmill (-1.40%) at the close of the session.

Meanwhile market turnover meager at N2.61bn ($6.75mln), boosted by mixed interest trades in Zenithbank, Guaranty and NB. The NSEASI ytd return moderated to -14.61%. We expect the market to witness the same sentiment in the next session.

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