Market wrap 18/03/2021

Trading activities on the Nigerian equities market closed on a brighter note as the ASI appreciated by +54bps in the day. Early spike in Guaranty (+6.43%) on block trade, ignited buying interest in the banks as it peers Zenithbank (+7.32%), UBA (+1.43%) and Access (+0.64%) all advanced. Also, positive movement in Wapco (+2.73%), Eterna (+9.96%), Dangsugar (+6.25%), Uacn (+4.90%) and Afriprud (+2.00%) contributed to the day’s performance. Market breadth closed on positive with 22 gainers and 12 laggards .

Market turnover was impressive at N5.85bln ($15.35mln) though buoyed by N2.61bln ($6.85mln) worth of block trades in Guaranty. Year to date performance moderated to -3.37%. We expect the market to maintain a similar trading pattern in the coming session.

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