Market Wrap 18/05/21

The Nigerian equities market closed on a negative note as the  ASI pulled back by 72bps to settle at 39,023.28 in the day. Though the activities was relatively subdued , weakness in Buacement (-45.71%), Fbnh (-2.72%), Fidelitybk (-3.78%), Zenithbank (-0.84%) and Uacn (-0.48%) among others dragged the broad equity index southward. However, these was watered down by positive movement in Ubn (+5.26%), ETI(+1.89%), Stanbic (+1.56%), Guinness  (+0.18%), and MRS (+0.92%).

Market turnover was N1.84bln ($4.50mln) dominated by mixed interest related trades in Zenithbank, buacement and Seplat. Year to date performance edged lower to -3.10%. We expect the market to maintain a similar trading pattern in the coming session.

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