Market wrap 16/12/2020

Trading activities on the domestic equities market finished on a brighter note as the ASI  gained +76bps in the day. The performance on the broad equities benchmark was largely on account of point amassed in bellwether stocks in the consumer goods  and banking space. Specifically, Nestle (+7.50%)  appreciated on tiny cross, along with Flourmill (+7.29%), Guinness (+3.33%), while Zenithbank (+2.55%) as well as its peers, Guaranty (+1.19%), ETI (+1.61%), UBA (+2.52%), Access (+2.47%) ,Fidelitybk (+4.42%) and Fcmb (+4.53%) all advanced. Nevertheless, notable laggards were Wapco (-2.22%), Dangsugar (-0.56%), Oando (-3.45%) and Stanbic (-0.11%).

Market turnover was N2.28bln ($5.97m), though buoyed by trades in Zenithbank, Dangsugar and Nestle. The NSEASI ytd return improved to +32.23%. We expect the market to maintain a similar trading pattern in the coming session


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