April 7, 2020

Market wrap 06/04/2020

Weakness in market heavy weight stocks Dangcem (-6.40%) and Seplat (-9.99%) dragged the NSEASI further into the red region as the broad benchmark index dipped by 2.03% to close at 20,669.38 points. Other bellwethers in today’s session were Buacement (-9.92%), Nahco (-10.00%) and  Stanbic (-0.21%). Points lost in today’s laggards dwarf  Wapco (+9.50%) which gained momentum on the back of the publication of its full year 2019 financial report. Market breadth closed on a positive note as Access (+9.92%), Unilever(+2.00%), Guaranty (+1.42%), ETI (+2.56%), UBA (+1.01%) and NB (+0.91%) finished the session in the green .

Market turnover was N4.13bn ($10.85mln), boosted by mixed interest trades in Guaranty, NB and Dangcem. The NSEASI ytd return dipped further to -23.00%. We expect the market to witness the same sentiment in the next session.