Market wrap 09/10/2020

The Nigerian equities market Index backtracked by -46bps to settle at 28,415.31 points. The banking  index was smashed lower by -2.48%, as profit taking in bellwether stocks continued for the third consecutive trading session. Specifically, Guaranty (-5.00) nosedived alongside ETI (-3.37%), FBNH (-1.59%), UBA (-1.45%), Access (-1.27%) and Zenithbank (-0.50%). Also, Cement giant Dangcem (-0.33%) as well as PZ(-8.89%), Jberger (-0.59%) and Glaxosmith (-0.85%) all declined. Nevertheless, Total (+5.37%), Buacemet (+0.24%), Eternal (+10.00%), and Intbrew (+3.06%) advanced.

Turnover was N3.99bn ($10.35m), buoyed by mixed interest trades in Guaranty, Zenithbank and Wapco. The NSEASI ytd return moderated to +5.86%. We expect the market to get support at current level in the coming week.


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