Market wrap 08/03/2021


Trading activities on the Nigerian equities market closed on a brighter note as the ASI rose marginally by +17bps to settle at 39,396.57point. Gains in Oil & gas marketers Ardova (+10.00%), and Oando (+9.43%), as well as upward movement in cement manufacturer Wapco (+7.66%) largely account for performance. Also bargain hurting buoyed selected banking stock as Fbnh (+2.82%),Access (+2.56%), Wemabank (+9.09%), Sterlnbank (+8.16%), UBA (+0.63%) and Guaranty (+0.16%) all advanced. On the contrary, Fidelitybk (- 6.09%) Zenithbank (-1.58%), Ucap (-4.38%), Cadbury (-3.61%) and Intbrew (-1.80%) declined in the day.

Market turnover was N3.15bln ($8.21mln) though boosted by trades in Zenithbank . Year to date performance moderated to -2.17%. We expect the market to maintain a similar trading pattern in the coming session.

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