Market wrap 17/01/2021

Today’s trading activities on the Nigerian equities market finished on a positive note as the ASI appreciated by +0.20%  to settle at 42,353.31.  Gains recorded in industrial giant Dangcem (+1.19%) largely accounted for the broad index’s performance. Also, upward movement  in PZ (+5.93%), Intbrew (+3.19%), Nascon (+2.33%), Dangsugar (+2.10%), UBA (+1.91%), Access (+0.56%) and Fbnh (+0.42%) contributed to the northward movement in the index. Market breadth closed in the positive region though UBN (-5.15%), ETI (-4.74%), Cadbury  (-3.33%), NGXGROUP  (-1.89%),  UACN (-1.04%), and GTCO(-0.78%) all declined.

Turnover improved to N3.54b ($8.60m) though boosted by trades in UACN, Dangcem and Zenithbank . The YTD return on the NGX index rose to +5.17%. We expect the market to maintain a similarly trading pattern in the coming session.

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