Market Wrap 19/05/21

Bearish sentiments continued to dominate market mood today and the market index plunged by -1.48% to 38,445.09 on weak investor sentiments. Telecoms major Airtel (-10%) alongside Dangsugar (-3.93%) and banking counters ETI (-3.70%), Zenithbank (-2.13%), Stanbic(-0.88%) and Guaranty (-0.51%)  were some of the major drags which outweighed the gains recorded in key movers  Seplat (+10%) which advanced on cross-trades; and the likes of BUACEM (2.48%); PZ (+1.89%); and Guinness (1.58%) with ticked up on subdued local demand.

Market turnover was N2.45bln ($6.11mln) boosted by mixed interest related trades in Seplat. The Year to date loss on the market index widened to -4.53%. We expect the market to maintain a similar trading pattern in the coming session.


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