March 23, 2020

Market wrap 19/03/2020

Today’s trading activities in the Nigerian equities market finished on a negative as the ASI retreated by 2.94% to close as 22,118.90pts. Despite the fiscal and monetary measure by the government to stem the effect of the COVID 19 on the economy, incessant spread of the virus across the globe and continues to pressure crude oil prices which in turn sent the ASI somersaulting, after recording a comeback in the previous session.  Laggards in today’s session included:  heavy weights; Dangcem (-3.30%), MTNN (-4.78%), Nestle (-3.41%) and the banks; Zenithbank (-10.00%), Access (-5.79%) alongside Wapco (-6.48%).

Market turnover was N4.7bn ($12.80mln), boosted by mixed crosses in Guaranty, Nestle and Zenithbank. The NSEASI ytd return increased to -17.60%. We expect the market to witness the same sentiments in the next session.