Market wrap 12/02/2021

The NSEASI weakened by -1.40% as profit taking on bellwether stocks dragged the index lower. Weakness in Cement manufactures Buacement (-7.22%) and Dangcem (-3.51%) as well as telecommunication service provider Mtnn dampen recovery in selected stocks. Nevertheless, market breadth closed in the positive; Wapco (+4.43%), Flourmill (+2.56%), Access (+1.88%), ETI (+1.85%), UBA (+1.23%), Dangsugar (+1.05%), Zenithbank (+0.81%) and Fbnh (+0.69%) all advanced.

Market turnover was N5.19bln ($13.54mln) though boosted by trades in Zenithbank and Guaranty, Wapco and Mtnn as well as block trade in livingtrust. Year to date performance improved to +0.42%. We expect the market to maintain a similar trading pattern in the coming session.

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