June 25, 2020

Market wrap 25/06/2020

Weak sentiments continued to dominate the equities market as investors continue to weigh the impact of rising cases of Covid-19 on economic recovery. Activities were lacklustre and the NSEASI drifted marginally lower by 12bps on the day, with key laggards being banking and telecoms majors,  Zenith (-1.52%); FBNH (-0.92%) and MTNN (-0.42%). These slightly offset upticks in the few advancers for the day, which were led by other banking counters- ETI (+2.13%); FCMB (+1.67%) and Fidelity (+0.56%).

Market turnover was  N1.6bn ($4.2m) and was  buoyed mainly by local interest crosses in MTNN ($1.3m).  The NSEASI ytd return further widened to -8.26%. We expect the market to witness the similar sentiments in the coming session.