May 13, 2020

Market wrap 13/05/2020

Late sell down in telecoms giant, MTNN @ 110.00 (-1.43%) was insufficient to pullback gains recorded among the banks as the broad index closed 0.06% higher at 23,709.44 points. Guaranty @ 21.45 (+4.15%) led the sectoral gainers as investor appetite for risky assets favored the lenders though activity level remained low. Stanbic rose by 2.63% on tiny volumes just as FBNH and Zenith inched higher by 1.05% and 0.33% respectively to aid in achieving a decent sector gain of 0.63% notwithstanding 0.82% decline in UBA. Unilever posted 9.96% gains among the consumers whilst 11 Plc and Total rose by 9.94% and 6.75% among the oil marketers

Turnover remained low at N1.5bn ($3.9m) dominated by offshore related blocks in NB and mixed interests trades in FBNH. Ytd loss on the index stood at -11.67%. We expect the market to trade sideways in the next session.