Market Wrap 10/09/2021

Sell pressure on telecommunication giant, Airtelafri (-4.67%) dragged the broad index southward as the NGXASI dipped by -0.71% in today’s session. Other notable laggards ; ETI (-3.85%), UBA (-3.18%), Access (-2.13%), UACN (-1.43%), Afriprud (-0.78%) and GTCO (-0.18%) contributed to the  performance. Nevertheless, gains recorded in Custodian (+ 2.29%), FCMB (+1.69%), Zenithbank (+0.84%), Flourmill (+0.70%), Dangsugar (+0.57%) and CAP (+0.51%) salvaged from value points in the day.

Market turnover was N 2.27 bln ($5.50 mln) though boosted by block trades in Airtelafri, as well as fragmented trades in GTCO and Zenithbank .The YTD return on the NGX index dipped to -3.35%. We expect the market to maintain a similar trading pattern in the coming session.

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