Market wrap 14/12/2020

The Nigerian equities market commenced the week on a brighter note as the ASI rebound by +1.73% to settle at 34,843.44 points . Impressive movement in telecommunication giant Airtelafric (+10.00%) as well as gains recorded in cement manufacturers, Dangcem (+2.73%)  and Wapco (+2.19%) largely accounted for the index’s performance. Other key movers were Guinness (+3.82%), ETI (+2.59%),Fcmb (+2.37%), Fbnh (+1.46%), Fidelitybk (+1.21%) and Guaranty (+0.30%). Nevertheless, UBN (-5.50%), Zenithbank (-0.44%),UBA (-0.62%), Adrova (-6.51%) and Oando (-3.83%) all declined.

Market turnover was N3.7bn ($9.64m) dominated by trades in  Zenithbank, Airtelafric, and Guaranty. The NSEASI ytd return moderated to +29.81%.  We expect the market to maintain a similar trading pattern in the coming session.

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