April 3, 2020

Market wrap 03/04/2020

The bears repossessed dominance of the Nigeria equities market as the NSEASI (-0.11%) finished today’s session in the negative territory. The weak performance on the broad index was largely on account of sell pressure on some market heavy weight stocks; Dangcem(-2.65%), NB (-2.22%) and MTNN (-0.86%). Though the session closed on a negative note, positive sentiment returned to the banking space as bellwethers like Access (+10.00%), Zenithbank (+8.18%),FBNH (+6.76%),UBA (+2.06%), Guaranty (+1.73%) pared the loses recorded in the preceding session.

Market turnover closed at 2.98bn ($7.83 mln), bouyed by mixed interest trades Guaranty, Dangcem and Nestle. The NSEASI ytd return dipped further to -21.40%. We expect the market to maintain this trading pattern in the next session.