April 3, 2020

Market wrap 02/04/2020

Today’s trading activity on the Nigerian equities market finished on a flattish note as last minute spike in market heavy weight Dangcem (+9.93%) buoyed the benchmark index to erode earlier losses. Consequently the NSEASI booked its first gain this week as the tracker recorded a marginally gain of  10bps to close the day’s session at  21,121.20 points. Despite the northward movement in the broad index, market breadth finished in the negative region, prominent among the laggards were MTNN (-5.69%), NB (-9.27%), FBNH (-5.13%) Access (-4.35%), ETI (-3.70%),Zenithbank (-3.51%), UBA (-2.02%), Stanbic (-1.65%) and Guaranty (-1.42%).

Market turnover closed at 2.86bn ($7.52 mln), though boosted by mixed interest trades Zenithbank, Guaranty and Dangcem. The NSEASI ytd return tapered to -21.31%. We expect the market to maintain this trading pattern in the next session.