Market wrap 25/05/2021

The flattish market trend continued on the NGX today, with the index slipping marginally by -0.08% to 38,256.76. Most stocks traded sideways, but key laggards on the day were financial services names including ETI (-0.96%); GTB(-1.21%); FBNH (-1.38%) and Mansard(-4.44%). They succumbed to sale pressure amid weak demand and easily countered gains in Consumers- UACN (+2.31%); Unilever(+1.23%) and Vitafoam (+0.34%).

Market turnover stood at N1.55bln ($3.8mln), boosted by blocks trades by local interests in Zenith Bank. The YTD loss on the index widened to -5.00%. We expect the market to maintain a similar performance  in the coming session.

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