Market wrap 01/02/2021

The ASI (-0.13%) depreciated marginally in the first trading session of the week to settle at 42,357.90 points. Weakness in Consumer goods stock Nestle (-3.65%), Flourmill (-3.17%) as well as downward movement in Jberger (-7.28%), Oando (-3.96%),Access (-1.61%), Fbnh (-1.32%) and Zenithbank (-0.18%) among others largely contribute to index performance. On the flipside, gains in Seplat (+1.02%), MRS (+8.94%),Uacn (+7.19%), Intbrew (+6.67%), Cadbury (+4.55%) and Dangsugar (+2.12%) among others salvaged some valuable points in the day.

Market turnover was N6.02bln ($15.69mln) buoyed by trades in Zenithbank, Nestle, Guaranty, and UBN . Year to date performance moderated to +5.18%. We expect the market to maintain a similar trading pattern in the coming session.

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