Market wrap 17/09/2021

The lull in equities persisted as the week ended, though the market index  managed a 0.08% uptick on the day to close at 38,943.87. Slight rebound in financial services counters GTCO (+3.51%); Fidelitybk (+0.83%); Zenithbank(+0.63%) and Stanbic(+0.26%), coupled with upticks in consumers and energy names-UACN(+2.04%); Oando (+1.79%); PZ (+0.86%) and Flourmills (+0.17%) all contributed in today’s gain, although Okomu(+5.45% and WAPCO (-2.27%) succumbed to sale pressure.

Market turnover improved slightly to N 1.95 bln ($4.72 mln) thanks to block trades in Flourmill, WAPCO and Nestle. The NGX ASI was flattish w/w with +0.06% return, while its YTD return stood at -3.29%. We expect the market to maintain a similar trading pattern in the coming week.


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