Market wrap 06/01/2020

Today’s trading activity in the Nigerian equities market closed on a positive note as the benchmark index accelerated by 1.38% in the first session of the week. The bullish performance was underpinned by gains recorded in Banking and Industrial goods sector amid positive sentiments from local investors. Specifically, Zenithbank (+3.90%), FCMB (+10.00%), UBA (+7.33%), Access (+6.40%), ETI (+6.47%), Guaranty (+2.99%), and Fidelity (+7.21%) amassed point in the banking space while Dangcem (+2.82%) and Wapco (+0.72%) finished stronger in the Industrial space. Other notable gainers includes Nascon (+7.72%),Flourmill (+6.33%), Dangsugar (+5.99%) and UACN (+2.78%) closed on a positive note. On the flipside the session recorded weakness in names like MTNN (- 0.92%), Seplat (-0.44%), PZ (-9.73%), UBN (-5.00%),Unilever (-3.38%) and Intbrew (-2.11%) closed underwater.

Market turnover was closed at N5.3bn ($14.70 mln), buoyed by trades in Seplat ($1.7mln),Zenithbank ($0.79 mln) and Guaranty ($0.50%). The NSEASI ytd return improved  to +1.86%. We expect the market to maintain this trading pattern in the next session.

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