Market wrap 13/11/2020

Though profit taking dragged the NSEASI (-0.86%) southward today, the index closed the week on a positive note (+12.97% w/w) to settle at 35,037.48 points. Sell pressure in bellwethers  MTNN (-4.32%), Ardova (-9.76%), Guinness (-8.64%), Access (-8.50%), Guaranty (-4.74%) and Cadbury (-7.74%) among other laggards masked gains recorded in Airtelafri (+9.99%), PZ (+9.52%), Dangsugar (+3.98%), Buacement (+1.66%) and Wapco (+0.63%).Market breadth closed in the negative region as 38 stock declined while 26 stocks gained.

Market turnover remain decent at N16.29b ($42.69m), driven by trades in Zenithbank, Guaranty, Dangcem and Wapco. The NSEASI ytd return moderated to +30.53%.  We expect the market to witness the same sentiments in the next session, though not ruling out intermittent profit taking.

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