April 9, 2020

Market wrap 08/04/2020

Positive sentiment was sustained in today’s session on the Nigeria equities market as the NSEASI inched up by 71bps to close at 21,073.26 pts. The performance on the broad index was largely on account gains recorded on ETI (+10.00%), Wapco (+9.77%), Dangsugar (+9.55%), UBA (+3.67%), Zenithbank (+2.32%), Stanbic (+2.30%), Guaranty (+1.67%) and MTNN (+0.21%) among other advancers.

Market turnover closed at 5.2bn ($13.74 mln), buoyed by mixed interest trades in Guaranty, Nestle, Zenithbank and MTNN. The NSEASI ytd return tapered further to -21.49%. We expect sentiment for stocks to remain broadly tepid, though with sustained interests in select blue-chip stocks while not ruling out intermittent profit-taking.