Market wrap 11/01/2021

The ASI rose by 8bps to close the session at 40,150.78 points, largely on accounts of gains recorded in Ardova (+9.79%), alongside selected consumer goods; Flourmill (+2.81%), Guinness (+2.49%), Intbrew (+2.46%), Presco (+1.41%), Dangsugar (+1.04%). Notable positive movers in the banks; Fedlitybk (+2.29%), Zenithbank (+0.78%), UBA (+0.56%) and Access (+).55%) contributed to the day’s performance. On the contrary, ETI (-1.52%), Fcmb (-2.15%), Fbnh (-0.67%), Uacn (-0.67%) and Guaranty (-0.45%) declined in the day.

Market turnover was N2.49 bln ($6.41mln) due to trades in Okomuoil , Zenithbank and Wapco. Ytd performance stood at -0.30%. We expect the market to continue to oscillate around current levels in its bid to finding equilibrium from last year’s gains.

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