Market wrap 14/08/2020

The Nigerian equities market All-Share Index retreated marginally by 15bps to settle at 25,199.84pts in today’s session. Weakness in telecommunication giant; MTNN (-0.42%) as well as loses in CAP (-5.03%) and Wapco (+0.84%) contributed the most to the downward performance. Also, profit-taking dragged some banks downwards: Fidelity (-4.76%), Access (-1.54%), FBNH (-0.99%), FCMB (-0.98%) and Zenithbank (-0.30%) though these weres pared by gains in Guaranty (+0.40%) and Stanbic (+0.30%). Other notable laggards includes, Intbrew (-8.06%), Cadbury (-3.87%), Unilever (-3.85%) and Flourmill (-0.76%).

Turnover was N4.52bn ($11.76m), buoyed by crosses in Guaranty and Unilever, involving offshore interest. The NSEASI ytd return dipped to -6.12%. We expect the market to trade with similar sentiments in the next session.

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