Market wrap 21/04/2020

The Nigerian equities market finished today’s session on a negative note as the NSEASI dipped by 1.27%, to close at 22,629.92 points. The southward movement was on account of weakness in the banking space; specifically, Guaranty(-7.79%), Zenith(-7.77%), FBNH(-1.16%), Access(-4.69%) and UBA(-5%) closed lower amid sell pressure persisted. Also market breadth closed negative as the likes of Seplat (-0.18%), Wapco(-9.21%), Oando(-10%) and Jberger(-4.27%) ended the session underwater.

Market turnover was at N2.3bn ($6 .00mln), though bouyed by Mixed trades in Zenith and Guaranty. The NSEASI ytd return slipped further to -15.69%. We expect the market to witness the same sentiment in the next session.

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