Market wrap 08/12/2020

The domestic equities market closed on a negative note today NSEASI (-0.09%) on relative weakness in demand. Though system liquidity remain robust, Investors maintained cautious bargain hurt towards risk asset in the session. Notable, Flourmill (-4.53%), Wapco (-1.32%), Zenithbank (-1.27%), Access (-2.35%), Fbnh (-0.70%) and Guinness (-0.56%) finished the session in the red territory. Nevertheless, ETI (+8.33%),Dangsugar (+1.61%), Uacn (+1.39%) and Oando (+2.81%) advanced.

Market turnover was N 3.27bln ($8.55m), boosted mainly by trades in UBA, Zenithbank, and Guaranty. The NSEASI ytd return moderated to +30.52%.  We expect the market to maintain a similar trading pattern in the coming session.

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