March 16, 2020

Market Wrap 16/03/2020

No respite yet in the  Nigerian equities market as trading activities for the week commenced on a bearish note. Consequently, the ASI depreciated by 12 bps to close the session at 22,705.19 points. Though market breadth closed on a positive note, weakness in NB(-0.18%), MTNN (-0.11%), FBNH (-7.50%), Wapco (-6.10%), and UBA (-5.61%) dragged the broad market index southward. Points lost in the laggards sufficiently offset gains in Zenithbank (+7.56%),  Ucap (+10.00%),UBN (+10.00%), Jberger ( +9.65%) and Access (+1.85%) in the session.

 

Market turnover was impressive  at N5.7bn ($15.7mln), boosted by mixed interest in Zenithbank and Guaranty. The negative NSEASI ytd return widened further to -15.41%. We expect the market to witness the same sentiment in the next session.