Market wrap 10/11/2020

Trading activities on the Nigerian equities market closed on a positive note as the All Share Index rose by +1.25% to settle at 32,647.10 points. Notable movement in MTNN (+4.06%), Buacement (+1.11%) as well as gains recorded in selected consumer goods stocks: Cadbury (+10.00%), Glaxosmith (+10.00%), Dangsugar (+7.18%), Guinness (+3.83%), Intbrew (+2.17%), Unilever (+1.41%)  and NB (+0.96%) contributed to the index’s performance.  Also, Stanbic (+4.35%), ETI (+3.33%), Access (+2.30 %), Zenithbank (+2.30 %), UBN (+1.75%) along with Nascon (+9.96%), and Ardova (+7.06%) all advanced. Nevertheless, Nestle (-1.53%), Guaranty (-0.71%), Fcmb (-1.18%) and Fidelitybk (-1.07%) declined.

Market turnover was impressive at  N7.74bn ($20.24mln), buoyed by mixed interest related trades in Zenithbank, Guaranty and NB as well as domestic interest trades in Dangcem. The NSEASI ytd return improved to +21.63%. We expect the market to witness the same sentiments in the next session, though not ruling out intermittent profit taking.


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