Market wrap 02/12/2021

Feeble trading activities in the domestic equities market as the ASI retreated by -0.51% largely due to negative movement recorded in Seplat (-6.47%), MTNN (-1.05%). Also weakness in Wapco (-1.80%), Stanbic (-2.63%), Zenithbank (-1.87%), ETI (-2.44%), BOCGAS (-10.00%), NGXGROUP (-1.18%), UBA (- 1.25%), Nascon (-1.06%), GTCO (-0.41%) and Dangsugar (-0.31%) contributed to the day’s performance. Though most stock closed flattish, Intbrew (+2.13%), UBN (+1.10%), Afriprud (+0.83%), FBNH (+0.42%) and NB (+0.32%) all advanced.

Turnover improved to N5.29b ($12.90m) though boosted by offshore related block trades in Seplat and GTCO as well as domestic interest trade in FBNH. The YTD return on the NGX index tapered to +4.91%. We expect the market to maintain a similarly trading pattern in the coming session.

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