Market wrap 28/04/2020

Trading activities in the Nigerian equities market finished on a brighter note as the NSEASI appreciated by 0.49% to close at 22,727.87 points. The indicator’s performance  was underpinned by renewed positive sentiments towards some bellwethers among the banks. Specifically, Guaranty (+5.00%),Zenithbank (+4.58%),FBNH (+2.30%), Fcmb (+6.25%) and UBA (+0.85%) finished stronger. Meanwhile gains in Nestle (+1.12%), Dangsugar (+3.75%) sufficiently offset weakness in Guinness (-0.27%), Unilever (-4.55%), Intbrew (-4.17%) in the consumer goods space.

Market turnover was N2.75bn ($7.03mln), boosted by offshore related trades in Nestle and UBA, coupled with mixed interest trades in Guaranty and Zenithbanlk. The NSEASI ytd return moderated to -15.33%. We expect the market to witness the same sentiment in the next session.

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