Market wrap 20/08/2020

The domestic equities market edged higher in today’ session as the All Share Index rose by 13bps to settle at 25,204.60 points. The benchmark performance was primarily due to points amassed in Cap (+5.56%) as well as upward movement in Intbrew (+10.00%), Glaxosmith (+5.15%) and UACN (+0.86%). Investors engaged in cherry picking particularly in the banking space, as Stanbic (+1.47%), Access (+1.56%) and Guaranty (+0.20%) advanced in the session.

Market turnover was N2.53bn ($6.57mln), though buoyed by mixed interest trades in Nestle, Guaranty and Zenithbank. The NSEASI ytd return moderated to -6.10%. We expect the market to witness the same sentiment in the next session.

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