Market wrap 12/11/2020

Aggressive bargain hunting moves triggered the NSE broad market circuit breaker for the first in history today as the trading session was halted for 30 minutes after ASI crossed the +5.00% band to activate the trigger. Upon resumption of the session, the market indicator surged further by +6.23% to close the session at 35,342.46 points. Though the bullish stance was across board, Industrial goods stocks led the charge and posted +8.65% gains on account of positive movements in Buacement (+10.00%), Wapco (+9.86%) and Dangcem (+8.11%).  Also, the banking index advanced by +7.94% due to gains recorded bellwethers, Zenithbank (+9.96%), UBN (+9.84%), ETI (+9.77%), FBNH (+9.09%), Access (+7.53%), Guaranty (+6.11%) while Cadbury (+10.00%), Presco (+10.00%), Dangsugar (+9.77%), NB (+9.74%) and Nestle (+3.57%) all advanced to strengthen the consumer index by +5.81%. Other notable movers were telecommunication giants Airtelafri (+10.00%), MTNN (+1.25%), as well as Jberger (+10.00%) and Custodian (+9.89%).

Market turnover was impressive at  N17.40bn ($45.60mln), buoyed by trades in Zenithbank, MTNN, Guaranty, Fbnh and Access. The NSEASI ytd return improved to +31.64%. We expect the market to witness the same sentiments in the next session, though not ruling out intermittent profit taking.

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