March 24, 2021

Market wrap 24/03/2021

Trading activities on the Nigerian equities market closed on a brighter note as the ASI appreciated by +98bps in the day. Today’s performance was largely on account of positive movement in heavy weight Dangcem (+2.27%), and Mtnn (+.242%). Propose 360k dividend announcement gave Stanbic (+9.99%) support, while positive sentiment drove up Guinness (+8.76%), Unilever (+3.77%), Intbrew (+2.78%), Nascon (+2.01%), Cadbury (+1.25%), NB (+1.04%) and Fbnh (+0.67%). However, MRS (-9.70%), Wapco (-7.11%), ETI ( -2.00%),Flourmill (-0.69%), Access (-0.61%) and Guaranty (-0.16%) declined.

Market turnover was impressive at N5.70bln ($14.97mln) though buoyed by trades in Guaranty and Mtnn. Year to date performance moderated to -2.95%. We expect the market to maintain a similar trading pattern in the coming session.