Market wrap 31/03/2020

Today’s trading activities in the domestic equities market finished on a negative note as the ASI retreated by 0.14% to close at 21,300.47 points. The southward movement in the benchmark indicator was on account of point lost in some banking names; Zenithbank (-2.09%), Access (-1.65%), FBNH (-1.25%) and Guaranty (-1.12%) while Wapco (-1.08%) dragged in the industrial space. Despite the general weakness, Investors showed positive sentiment towards Glaxosmith (+10.00%),Unilever (+4.76%), Flourmill (+2.16%) and NB (+0.59%) in today’s session.

Market turnover was N1.72bn ($4.58mln), though boosted by fragmented trades in Zenithbank, Sterlnbank, Guaranty, and Nestle. The NSEASI ytd return dipped further to -20.65%. We expect the market to witness the same sentiments in the next session.

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