April 7, 2021

Market wrap 07/04/2021

Gains in large cap stocks Nestle (+3.27%) and Mtnn (+1.12%) as well as positive movement in flourmill (+6.90%), Stanbic (+3.14%) were the Silver lining today, as the NSEASI (+0.02%) closed flattish on a rather  bearish day. Market breadth closed in the negative territory with 27 laggards and 12 gainers. Notable, Ardova (-6.91%), Zenithbank (-4.11%),Fidelitybk (-3.47%), Guaranty (-3.28%), UBN (-2.97%), Access (-2.47%), Wapco (2.33%), UBA (-0.71%) and Fbnh (-0.68%) among other succumbed to sell pressure in the session.

Market turnover was N4.19bln ($10.98 mln) boosted by Zenithbank, Guaranty and Nestle. Year to date performance stood at -3.72%. We expect the market to maintain a similar trading pattern in the coming session.