Market wrap 02/02/2021

The NSEASI closed on a negative note today, contracting by -0.74%, as profit taking on bellwether stocks dragged the index to settle at 42,043.79 point.  Weakness in  Wapco (-6.67%), Nb (-3.17%), Ardova (-9.97%), Uba (-3.30%), Dangsugar (-3.23%0, Zenithbank (-3.13%0, Access (-2.73%), Guaranty (-2.17%), Fbnh (-2.00%), and Flourmill (-1.79%) among others, accounted for the day’s performance. Though most stock finished flattish, market breadth closed in the negative region with about five laggards to every advancer.

Market turnover was N6.02bln ($15.69mln) buoyed by mixed interest trades in Zenithbank,  and  Guaranty as well as offshore related crosses in Seplat and UBN  . Year to date performance moderated to +4.40%. We expect the market to maintain a similar trading pattern in the coming session.

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