Market wrap 08/10/2021

Another positive day as the NGX ASI posted a marginal gain of 0.10% which is driven by the banks yet again! Late buying on tight volumes in Zenith (+1.45%) and sustained interests in GTCO (+0.70%) and ETI (+5.00%) set the tone for the lenders although sell down into the close in the week’s top bellwether FBNH tapered the day’s performance to -2.00%. Index heavyweights, MTNN, Dangcem, Buacem and Nestle remained on the sidelines all week even as the banks have witnessed a sectoral rally led by FBNH.

Turnover was fairly decently at N2.9bn ($7.1m) largely on trades in the FBNH among locals distantly trailed by activities in GTCO. Ytd performance of the index stood at +1.48%. We expect the market to trade around current levels next week.

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