Market wrap 10/11/2020

The Nigerian equities market ASI depreciated by -1.27% today, as sell pressure persisted across board. The banking index retreated by  -4.14%, following  weakness in Zenith(-6.18%), GTB(-2.14), FBNH(-10%), Access(-6.63%), UBA(-3.66%) and Fidelity(-9.80%). Other notable laggards include: MTNN(-0.77%), Wapco(-10.00%), Dangsugar(-6.88%) and Guinness(-9.83%).

Market turnover improved to N6.6bn ($17m) boosted by offshore related crosses in Guaranty, and mixed interest in Zenith. The NSEASI ytd return moderated to +28.82%.  We expect the market to maintain a similar trading pattern in the coming session.


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