Market wrap 23/04/2020

Today’s session in the domestic equities market closed on a negative note as the NSEASI slipped by 1.36%, to close at 22,470.79 points amid weakness in heavy weight counters. Specifically, points lost in Dangcem (-3.31%), Nestle (-6.67%), and Buacement (-5.31%) contributed the most to the southward movement in the broad index. Also, ETI (-10.00%), UACN (-10,00%), Dangsugar (-2.83%), Fidelitybk (-1.10%) and Guinness (-0.53%) finished the session in the red region. Despite the overwhelming pressure on the broad market, the session recorded positive sentiments towards Cadbury (+ 9.52%), FBNH (+ 4.71%), Stanbic (+3.64%), Wapco (+ 3.08%), UBA (+1.71%), Guaranty (+1.61%), Access(+1.60%) and Zenithbank (+1.09%) .

Market turnover  closed at N3.36bn ($8.60mln), though buoyed by mixed trades in Nestle, Dangcem and offshore related trades Access. The NSEASI ytd return dipped to -16.29%. We expect the market to witness the same sentiment in the next session.

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