March 13, 2020

Market Wrap 13/03/2020

The Nigerian equities market staged a comeback as the NSEASI appreciated marginally by 17bps to book its first gain this week. The respite witnessed by the broad index was  due to breather in stock rout in the banking space; specifically recovery in UBA (+9.82%), Zenithbank (+9.68%), Guaranty (+4.97%), ETI (+4.55%) significantly offset weakness in Access (- 7.69%). Meanwhile the bears held sway in other names, as the likes of Seplat (-10.00%), NB (-5.72%), Cadbury (-10.00%), Interbrew (-9.45%) finished the session in the negative region.

 

Market turnover was N10.22bn ($27.8mln), boosted by mixed interest trades in Nestle, Guaranty, and Zenithbank. The NSEASI ytd return stood at  -15.30%. We expect the market to witness the same sentiment in the next session.