Market Wrap 06/08/2020

Trading activities remained positive on the Nigerian equities market as the NSEASI rose by +0.19% to settle at 24,930.34 , mostly due to points amassed by Oil & gas major Seplat (+9.03%) and telco giant MTNN (+0.42%).  Investors remained warm towards the banks as gains were recorded in  Stanbic(+4.76%), UBA(+2.38%), Zenith(+1.21%), ETI (+1.19%) and Guaranty (+0.64%). Also, Nascon (+4.17%), Guinness (+3.85%) and Glaxosmith (+1.94%) advanced among the consumer goods.

Market turnover was N2.13bn ($5.54mln), boosted by block trades in MTNN as well as fragmented trades in Guaranty and Stanbic. The NSEASI ytd return further moderated to -7.12%. We expect the market to trade with similar sentiments in the next session.

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