Market wrap 18/02/2020

The losing streak on the Nigerian equities market extended into today’s trading session as the ASI dipped marginally by 8bps to close at 27,547.56 points. While other sectors finished on a flattish note, weakness in banking names like FBNH (-2.52%), UBA (-1.95%), Guaranty (-0.52%), Zenithbank (-0.51% and UBN (-0.71%) contributed the most to the southward movement on the broad equities benchmark indicator.

Market turnover remain improved marginally to 2.1bn ($5.9 mln), buoyed by offshore interest in Guaranty ($1.07 mln), and Zenithbank ($0.67 mln). The NSEASI ytd return tapered to +2.63%. We expect the market to maintain this trading pattern in the next session.

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