March 26, 2020

Market wrap 26/03/2020

Gains among banking counters; Guaranty, Access, UBN, UBA, Zenith and FBNH saved the day on selling pressure in Nestle which declined to its maximum 10% lower trading band for the day, as the broad index advanced by 13bps. Market breadth was positive as bargain hunters sought opportunities notwithstanding the heightened anxiety caused by outbreak of COVID-19. Stanbic buckled alongside Lafarge and Jberger to cast a little shadow on the day’s optimism.

Market turnover was meagre at N1.89bn ($5.05bn) dominated by mixed crosses in Zenith and Nestle whilst offshore counterparts participated in Stanbic. Ytd loss on the index was trimmed to -18.94%. We expect the market to trade sideways in the next session.