Market wrap 16/07/2020

Trading activities in the Nigerian equities market closed on a positive note as the ASI appreciated by +83bps to settle at 24,330.06 points. Though sentiment remained feeble, upward movements in telecommunication duo MTNN (+2.61%) and Airtelafri (+2.35%) dragged the broad index into the green region. Also, points amassed in some banking players : UBA (+2.48%), Guaranty (+2.33%) and Zenithbank (+1.29%) supported the day’s performance. Meanwhile, weakness in Unilever (-5.86%), Flourmill (-5.03%) and Guinness (-0.71%) offset gains recorded by Presco (+9.28%) and Cadbury (+7.41%) in the consumer goods space.

Market turnover remained meager at  N0.99bn ($2.55m), boosted by fragmented trades in Airtelafri, FBNH and Guaranty. The NSEASI ytd return moderated  to -9.36%. We expect the market to maintain this trading pattern in the next session.

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