Market wrap 23/10/2020

The Nigerian equities market Index appreciated by +0.47% to settle at 28,697.06 points. The positive sentiments was widespread, though gains in bellwethers in the banking and Industrial goods space dominated today’s activities. Specifically, gains recorded in cement manufactures; Dangcem (+0.67%) and Wapco (+1.42%), as well as positive movement in UBA (+3.68%), UBN (+2.13%), Zenithbank (+1.69%), Guaranty (+1.50%) and Access (+0.65%) boosted the day’s performance. Also, selected consumer goods; Nascon (+10.100%) PZ (+7.32%) and Intbrew (+0.80%) advanced.

Turnover was N4.43bn ($11.59m), buoyed by offshore related cross in Guaranty together with mixed interest trade in, Zenithbank and Access. The NSEASI ytd return improved to +6.91%. We expect the market to get support at current level in the coming week as investor anticipated the publication of 9 months earnings of more quoted companies.

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