Market wrap 21/05/2020

The Nigerian equities market remained unbeaten as the broad index edged higher by 1.25% to close at 24,758.39 points. The market indicator was supported by gains recorded by bellwethers in Banking, Industrial goods and the Oil & gas space. Meanwhile, investors sentiments towards risk equities remained strong as all the major sub sector trackers finished the session in the green region. Notable on the gainers’ log were Mobil (+9.95%), Buacement (+9.88%), Unilever (+9.30%), FBNH (+3.88%), Zenithbank (+3.03%) among others.

Market turnover was N3.7bn ($9.48mln), buoyed by mixed interest trades in Guaranty, Zenithbank, and domestic crosses in Wapco and Dangcem. The NSEASI ytd return moderated to -7.76%. We expect the market to witness the same sentiment in the next session.

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