Market wrap 11/08/2020

The Nigerian equities market index backtracked by 58bps to settle at 24,883.70pts. Weakness in cement manufacturer; Dangcem (-4.09%) as well as profit taking in Guinness (-3.33%), Access (-0.76%), and Wapco (-0.42%), contributed the most to the negative performance. Nevertheless select consumers: Cadbury (+6.82%), NB (+6.25%), UACN (+1.69%) advanced while Guaranty (+1.02) and its peers, Zenithbank (+0.30%), UBA (+0.78%), and FBNH (+0.99%) also finished in the green territory.

Turnover was N2.47bn ($6.43m), buoyed by mixed interests trades in Guaranty, and domestic related crossed in Dangcem. The NSEASI ytd return dipped to -7.30%. We expect the market to trade with similar sentiments in the next session.


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