Market Wrap 17/05/21

Trading activities on the domestic equities market closed on a negative note as  the ASI dipped marginally by -44bps to settle at 39,307.19 in the day. Today’s performance was on account of decline recorded in Wapco (-2.42%), Access (-2.37%), Stanbic (-2.17%), Guinness (-1.72%), Guaranty (-1.67%), Buacement (-1.16%), Mtnn (-1.05%), and Dangsugar (-0.84%) among others. Though many stocks closed flattish, market breadth closed positive with 22 advancers, and 14 laggards. Nevertheless, Fbnh (+3.52%), Unilever (+ 1.61%), PZ (+0.97%), Uacn (+0.97%), UBN (+0.88%), UBA (+0.68%), Oando (+0.34%) and Glaxosmith (+0.80%) all advanced.

Market turnover was N3.56bln ($8.59mln) buoyed by fragmented trades in Zenithbank, Dangsugar, Mtnn and Fbnh. Year to date performance edged lower to -2.39%. We expect the market to maintain a similar trading pattern in the coming session.

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