Market wrap 18/11/2020

Renewed bargain hunting ensured the NSEASI returned to positive territory today, closing higher by +1.68% at 34,818.01 points . Industrial heavyweights Dangcem (+4.22%) and WAPCO(+9.55%) were key movers, coupled with the banks where ETI(+8.59%); Fidelity (+6.74%); Access (+4.17%); UBA(3.57%); Zenith (+3.09%) were top gainers, though Stanbic(2.50% retreated on a cross-trade. Brewers, Intbrew (+7.80%); NB (+7.41%) and Guinness (+2.31%) alongside other Consumers majors Dangsugar (5.95%) and  Nascon (+2.65%) were also positive. Market Breadth was thus very positive with almost 5 advancers recorded per each decliner.

Market turnover was also decent at N8.3bln ($21.6m), buoyed especially by mixed interest trades in Guaranty and Zenithbank. The NSEASI ytd return moderated to +29.71%.  We expect the market to maintain a similar trading pattern in the coming session.

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