Market wrap 02/03/2021

The NSEASI (-0.59%) retreated as investors continue to respond to recent earnings announcement of quoted companies. Weakness in Wapco (-7.06%) alongside selloffs in selected consumer goods; Nestle (-6.90%), Flourmill (-6.41%), Unilever (-3.35%), Uacn (-3.13%) and Cadbury (-2.35%) largely accounted for today’s performance. The banks were not left out, as declines in UBA (-1.80%), ETI (-0.95%), Access (-0.61%), Zenithbank (-0.58%) and Fidelitybk (-3.29%) masked gains in Guaranty (+1.61%).

Market turnover was N5.39bln ($14.03mln) though boosted by mixed interests trades in Nestle and Zenith Bank. Year to date performance tapered to -1.42%. We expect the market to maintain a similar trading pattern in the coming session.

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