March 23, 2020

Market wrap 20/03/2020

A breather in the Nigerian equities market as the NSEASI (+0.54%) recovered some points after previous session’s dip. The respite witnessed by the broad index was due to appreciation in market heavy weights MTNN (+3.52%), and Dangcem (+0.54%) coupled with gains in Nascon (+9.94%),UACN (+9.03%), Jberger (+6.28%), Access (+2.63%) and Guaranty (+1.64%).  Meanwhile the bears held sway in other names as the likes of Presco (-9.89%), Flourmill (-9.81%), Stanbic (-6.19%), Zenithbank(-2.47%) finished the session in the negative region.

Market turnover was N3.42bn ($9.30mln), boosted by mixed interest trades in Zenithbank Nestle, and Guaranty. The NSEASI ytd return stood at  -17.30%. We expect the market to witness the same sentiment in the next session.