May 19, 2020

Market wrap 19/05/2020

The Nigerian equities market consolidated on yesterday’s gains as the NSE All-Share Index appreciated by 1.09% to close today’s session at 24,202.87 points. Investors’ positive sentiments towards banking and Industrial goods sectors largely accounted for the upward trend in the broad market indicator. Specifically: gains in Dangcem (+2.79%) pulled the industrial sector tracker into the green region while FBNH (+4.08%), Access (+3.12%),Guaranty (+2.42%), UBA (+2.40%), Zenithbank (+2.26%), Stanbic (+1.09%) and Fidelitybk (+5.17%) all finished stronger in the among the banks. Other notable advancers were Okomuoil (+9.99%) Unilever (+ 9.85%), Presco (+3.60%), Nascon (+4.27%) and UACN (+2.21%). Though market breadth closed on a positive note, Wapco (-0.44%),Intbrew (-3.00%) and FCMB (-0.57%) were notable among the laggards in today’s session.

Market turnover was N3.92bn ($10.06mln), buoyed by mixed interest trades in Guaranty, Access ,Zenithbank and domestic interest in Dangcem. The NSEASI ytd return moderated to -9.83%. We expect the market to witness the same sentiments in the next session.