Market wrap 09/06/2021

Improved trading activities on the Nigerian equities market as the NGXASI appreciated by +0.74% to 39,170.95 point at the close of the day. Sustained positive sentiment in Dangcem (+2.22%) and Okomuoil (+9.75%) as well as recovery in Wapco (+4.22%) supported the day’s performance. Other positive movers were Ubn (+9.43%), Nascon (+7.41%), Flourmill (+ 2.74%), Guaranty (+1.76%), Stanbic (+ 1.09%) and Zenithbank (+0.22%). Although market breadth finished in the positive region with about 5 gainer to every laggard, NB (-0.08%), Fbnh (-1.37%), and Fcmb (-1.59%) declined.

Market turnover was N3.69bln ($9.60mln), boosted by trades in Nestle, Dangcem, Zenithbank and Guaranty. The YTD return on the NGX index moderated to -2.73%. We expect the market to maintain a similar trading pattern in the coming session.

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