The Nigerian equities market concluded today’s session on a negative note, as the ASI retreated by 34bps to settle at 24,427.73 points. Losses in oil and gas major: Seplat (-10.00%) on tiny volumes as well as weakness in Unilever (-4.67%), Buacement (-2.50%), UBA (-1.64%), FBNH (-1.00%), Wapco (-0.45%) and Zenithbank (-0.32%) contributed the most to the southward movement recorded. Notwithstanding, market breadth was positive as Jberger (+10.00%), Custodian (+10.00%), Stanbic (+3.45%), Dangsugar (+1.71%), ETI (+1.19%) and Guaranty (+0.70%) all advanced. Dangcem released its H1 2020 results and was broadly flattish year-on-year, which in turn had a mild positive reaction from the market though the price remained unchanged from previous close.
Market turnover was N2.38bn ($6.14m), boosted by mixed interest crosses in Zenithbank, Dangcem and NB. The NSEASI ytd return dipped further to -8.99%. We expect the market to maintain this trading pattern in the next session
