Market wrap 11/09/2020

Despite the NSEASI (+0.28%) ticking higher today, the index closed the week on a negative note (-0.05% w/w) to settle at 25,591.95 points. Sustained bargain hurt in bellwethers in the banking space accounted for today’s performance, specifically, Stanbic (+3.90%), UBN (+2.04%), Zenithbank (+1.47%), ETI (+1.20%) , Guaranty(+1.01%) and FBNH (+1.00%) all advanced together with  Wapco (+4.92%).  Nevertheless, CAP (-9.74%), Jberger (-8.24%), Intbrew (-4.11%), and Guinness (-3.57%) declined in the session.

 Market turnover also improved to N2.28b ($5.95m), driven by block trade in Airtelafri as well as  fragmented traded in Nestle and Zenithbank. The NSEASI ytd return moderated to -4.66%. We expect the market to witness similar sentiments in the coming week.

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