March 23, 2020

Market wrap 18/03/2020

Trading activities on the domestic market finished on a positive note as the ASI defied all odds to close up by 1.09% today. Investors showed more positive sentiment towards MTNN (+10.00%) and Guaranty (6.63%) as the dividend payment days in these names draw closer. Though Dangcem (-3.12%) finished on a negative note, last minute spike in the price of the stock pared some of the weakness recorded in the early hours of the session. Other notable laggards were Nestle (-3.86%), Okomuoil (-8.25%), Wapco (-1.82%) and UACN (-4.00%).

Market turnover was impressive at N10.58bn ($26.70mln), boosted by mixed interest in Guaranty, Dangcem and Zenithbank. The NSEASI ytd return moderated to -15.10%. We expect the market to witness the same sentiment in the next session.