Market wrap 24/05/2021

Despite being another quiet trading session, the NGX ASI resumed the new week with a marginal uptick of +0.05% to close at 38,341.66 points today. This was largely thanks to gains posted in some non-financial services names, albeit on relatively low activity levels.  NB (+2.68%); UACN(+1.81%) and WAPCO (+1.49%) and MTNN(+0.31%) were the key advancers which were  however slightly muted by contractions in top banks Guaranty (-0.85%); UBA(-1.38%).

Market turnover stood at N1.09bln ($2.6mln) with no major block trades observed. The YTD loss on the index narrowed to -4.79%. We expect the market to maintain a similar performance  in the coming session.

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