Market wrap 06/07/2020

The Nigerian equities market started the week on a quiet note, as the ASI dipped by 93bps to close in the negative region. Losses in heavy weight Nestle (-6.51%) coupled weakness in cement manufacturers Buacement (-5.00%) and Wapco (-3.38%) contributed the most to the southward movement recorded on the day. While most stock closed flattish, Zenithbank (+5.25%), Flourmill (+5.11%),UBN (+1.87%) and Guaranty (+0.96%) finished stronger.

Market turnover was N2.7bn ($7.16m), boosted by cross trades in Nestle which involved offshore interests whilst trades in trades in Guaranty was mixed (mostly offshore selling and locals buying). The NSEASI ytd return dipped further to -10.18%. We expect the market to maintain this trading pattern in the next session.

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