Market wrap 05/08/2020

The NSEASI remained positive for the 4th consecutive day today, ticking higher by +0.16% to 24,882.04, mostly thanks to domestic bargain hunting in select counters.  Top advancers on the day were CAP (+9.74%), UAC-Prop(+9.52%) which continued to rally on its  recent capital restructuring news,  and Glaxosmith (+6.19%). Other major gainers included the banks- Stanbic(+5.00%); Guaranty(+1.94%) and Fidelity(+1.76%), albeit Zenith(-2.65%) and FCMB (-2.06%) contracted to some profit taking. Presco (+1.16%) and Mobil(+0.90%) were also up on some block trades.

Turnover improved to N3.89bn ($10.13mln), boosted by an off-market deal of 80m UACN shares ($1.2m) involving mixed interests and other block trades also involving  mixed interests in Presco ($3.25m); Access($0.8m); FBNH($0.6m) and Zenith ($0.6m). The NSEASI ytd return further moderated to -7.30%. We expect the market to trade with similar sentiments in the next session.

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