Market wrap 19/03/2021

Today’s trading activities on  the Nigerian equities market closed on a negative note as the ASI retreated by -1.37% to settle at 38,382.39 points. Weakness in cement manufactures Dangcem (-3.42%), Buacement (-4.80%) and telecommunication company Mtnn (-1.81%) as well as Okomuoil (-3.03%) and Oando (-4.39%) dampen the day’s performance. These masked positive movement in Guaranty (+4.03%),Zenithbank (+2.27%),UBN (+4.95%), Nascon (+2.76%), Fbnh (+1.39%), Access (+2.55%), UBA (+0.70%) and Fidelitybk (+1.75%).

Market turnover was N4.01bln ($10.49mln) dominated by trades in Zenithbank and Guaranty. Year to date performance moderated to -4.69%. We expect the market to maintain a similar trading pattern in the coming session.

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