Market Wrap 20/05/21

The market lull persisted in today’s session with the NGXASI down by -0.30% to 38,328.13 points amid lingering apathy to equities. The main drags in today’s session were index heavyweight Dangcem (-1.87%) which dipped on low volume cross; alongside consumer counters Unilever (-3.17%)and Glaxosmith (-1.59%) as well as Access (1.19%); UBA (-1.36%) from the banking space. These laggards offset upticks in key movers NB (+2.19%); UACN (+1.46%);  FBNH(+1.41%); Fidelity (1.75%) and ETI (+1.92%).

Market turnover was low at N1.74bln ($4.2mln) boosted by block trades involving mixed interests in Zenith; Guaranty and  Access. The Year to date loss on the market index widened to -4.82%. We expect the market to maintain a similar trading pattern in the coming session.

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