May 20, 2020

Market wrap 20/05/2020

Trading activities in the domestic equities market closed on a brighter note as the NSE All-Share Index  appreciated by 1.05% to settle at 24,458.20 points.  Gains recorded in cement manufacturers Dangcem (+1.69%) and Buacement (+1.89%) supported the upward movement in the broad market index alongside the banks. Notable advancers in the banking space were; Zenithbank (+4.10%), UBA (+3.91%), ETI (+3.06%), Guaranty (+2.36%) and Stanbic (+1.08%)  while UACN (+4.32%), Cadbury (+1.33%) and Glaxosmith (+1.47%) closed northwards among consumer goods players.

Market turnover was N5.41bn ($13.85mln), buoyed by mixed interest trades in Guaranty, Zenithbank, Guinness and domestic interest in Dangcem. The NSEASI ytd return moderated to -8.90%. We expect the market to witness the same sentiment in the next session.