Market Wrap 08/07/2021

Trading activities on the Nigerian equities market closed on a negative note as the NGXASI retreated marginally by -0.04% to settle at 38,470.87point. Profit taking in selected banks; Access (-3.17%), UBA (-2.60%), GTCO (-1.84%), Stanbic (-0.73%) as well as weakness in Nascon (- 4.13%), and Dansugar (-0.83%) dragged the broad index southward in today’s session. Nevertheless, positive movement in  Oil & gas giant Seplat (+ 2.67%),  with gains recorded in Wapco (+0.69%), Uacn (+0.51%) and Flourmill (+0.17%) salvaged some valuable points.

Market turnover was N2.56bln ($6.26mln), boosted by trades in Zenithbank, GTCO, Seplat and Mtnn. The YTD return on the NGX index dipped further to -4.47%. We expect the market to maintain a similar trading pattern in the coming session.

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