Market wrap 15/09/2020

The All Share Index retreated marginally by -3bps to settle at 25,597.96pts today. Weakness in oil & gas major Seplat (-1.28%) alongside declines in selected banks: Fbnh (-1.96%),ETI (-1.20%), Fidelitybk (-1.12%), UBA (-0.81%) and Zenithbank (-0.29%) largely accounted for the broad indicator’s performance. Market breadth was slightly negative, notwithstanding gains were recorded in Wapco (+3.45%), CAP (+1.19%), Guinness (+0.37%) Zenithbank (+2.83%) and Guaranty (0.20%).

 Market turnover closed at  N3.01bn ($7.83m), boosted by offshore related crosses on Guaranty and Stanbic. The NSEASI ytd return dipped further  to -4.63%. We expect the market to maintain this trading pattern in the next session.

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