Market wrap 02/10/2020

Trading activities in the Nigerian equities market for the month of October commenced on a positive note as the NSE All-Share Index rose by 57bps to settle at 26,985.77 points. The broad index performance was largely due to points amassed by cement manufacturers Dangcem (+0.77%) and Wapco (+1.00%) as well as gains in telecommunication giant MTNN (+0.78%). Today’s session was kept afloat by demand from domestic investors as the likes of Dangsugar (+4.03%),Guaranty (+3.39%), Zenithbank (+1.12%), UBA (+0.81%), and Jberger(+1.25%) advanced . Though most stock closed flattish, UACN (-6.47%), Flourmill (-0.69%), and ETI (-2.38%)finished lower.

Market turnover was impressive at N4.3bn ($11.24mln), buoyed by mixed interest Zenithbank, Guaranty and Access. The NSEASI ytd return closed in the positive region +0.54%. We expect the market to witness similar sentiments in the next session.

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