June 16, 2020

Market wrap 16/06/2020

Tepid activities in the domestic equities market  as sell pressure on bellwether stocks dragged the All Share index down by 9bps to close at 24,930.88 points. The benchmark’s performance was largely impacted by weakness in heavyweight MTNN (-0.86%) as well as sustained sell pressure in Flourmill (-6.68%), FBNH (-1.90%), Zenithbank (-0.62%) and Guinness (-0.28%) . On the flipside, Buacement (+1.60%) recovered in the session while Intbrew (+1.08%), UBA (+0.78%), and UACN (+0.69%) closed higher.

Market turnover was  N1.59bn ($4.07mln), supported by mixed interest trades in Zenithbank, Guaranty and MTNN. The NSEASI ytd return dipped to -7.12%. We expect the market to witness the same sentiment in the next session