Market wrap 07/12/2020

It was a relatively lukewarm session today, as the NSEASI (- 0.21%)  dipped marginally to settle at 35,064.36 points. Weakness  in  NB (-1.79%), Dangsugar  (- 2.11%), Wapco (-0.87%), as well as negative movement in selected banking stocks ;ETI (-8.47%), UBN (-2.70%), Zenithbank (-1.04%), Access (-0.58%), and Guaranty (-0.30%) accounted for the performance. Though most stock closed flattish, PZ (+4.71%), NNFF (+9.90%), UACN (+0.70%) ,UBA (+0.61%) and Fidelitybk (+0.39%) all advanced.

Market turnover was N3.19b ($8.32m), driven by mixed interest crosses in UBA and NB, as well as fragmented FBN, Zenithbank and Guaranty. The NSEASI ytd return tapered to +30.63%. We expect the market to witness similar sentiments in the coming session.

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