March 24, 2020

Market Wrap 24/03/2020

A breather in the Nigerian equities market as the NSEASI appreciated marginally by 19bps in today’s session. The respite witnessed by the broad index was due to gains recorded in some banking names; Stanbic  (+9.43%), Access (+3.70%) Zenithbank (+2.34%), FBNH(+1.30%), and Guaranty (+0.90%). Though market breadth closed in the positive region, notable among the laggards were Conoil (-9.93%), Nascon (-9.57%),ETI (8.99%), Cadbury (-8.85%), UBN (-7.69%) and UBA (-2.22%).

 

Market turnover was N3.5bn ($9.6mln), boosted by mixed interest trades in Zenithbank and Guaranty. The NSEASI ytd return stood at  -19.00%. We expect the market to witness the same sentiment in the next session.