Market wrap 09/09/2020

The lull in the Nigerian equities market persisted today as the NSEASI relapsed by 28bps to settle at 25,424.91 points. The indicator was dragged by weakness in some tickers in the  banking and consumer goods space. Specifically, UBA (-3.17%), Access (-2.99%), Zenithbank (-2.96%),FBNH (-1.98%), ETI (-1.20%), UACN (-4.76%), Unilever (-4.00%), and Okomuoil (-1.27%) finished the session underwater. Nevertheless,  Wapco (+0.83%), Custodian  (+3.13%) PZ (+6.25%) and Fidson (+7.28%) advanced in the session.

Market turnover was low at  N2.87bn ($7.44mln),  dominated by trades in Guaranty, Zenithbank and MTNN. The NSEASI ytd return dipped to -5.29%. We expect the market to trade with similar sentiments in the next session.

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