Market wrap 08/10/2020

The All Share Index retreated for the second consecutive session by -31bps to settle at 28,546.22pts today. Weakness among cement manufacturers Dangcem (-4.75%) and Buacement (-0.84%) as well as NB (-7.07%) dragged broad the index’s performance lower. Though most stock closed flat, points amassed in Airtelafri (+2.50%), Wapco (+1.19%), Unilever (+9.76%) together with gains in  ETI (+8.54%), Access (+4.64%), Guaranty (+3.23%), Zenithbank (+2.81%), Fbnh (-1.96%), and UBA (+0.73%) salvaged some valuable points to mask the extent of  the day’s losses.

Market turnover closed at N4.91bn ($12.73m), boosted by mixed interests crosses in Guaranty, Zenithbank and Access. The NSEASI ytd return dipped further to +6.35%. We expect the market to maintain this trading pattern in the next session.

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