Market Wrap 22/06/2021

Trading activities on the Nigerian equities market closed on a negative note as the NGXASI retreated by -1.81% to settle at 37,847.07 point. Weakness in telecommunication giant Airtelafri (-10.00%), as well as lacklustre movement PZ (-5.17%), Presco (-4.47%), Buacement (-2.71%), Fbnh (-2.05%), Nascon (-1.03%), Uacn (-1.01%), Stanbic (-0.88%), Zenithbank (-0.42%) and Flourmill (-0.33%) dragged the broad index southward in today’s session. Nevertheless, Vitafoam (+9.68%), NB (+0.34%), Glaxosmith (+0.83%) and Fidelitybk (+0.44%) advanced.

Market turnover was N2.73bln ($6.62mln), boosted by trades in Mtnn, Dangsugar, Vitafoam and Zenithbank. The YTD return on the NGX index dipped further to -6.02%. We expect the market to maintain a similar trading pattern in the coming session.

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