Market wrap 24/09/2020

The NSE All- Share Index maintained its recent positive trend as the broad index tracker posted 79bps gains to close at 25,987.14 points. Improved demand in select tickers within the banking and consumer goods space largely underpinned the day’s performance. Specifically, Access (+3.97%), ETI (+2.50%), Guaranty (+1.96%), FBN (+1.00%), Zenithbank (+0.59%) as well as NB (+10.00), Dangsugar (+2.88%) moved into the green territory. Other notable movers included: Dangcem (+0,89%), Mobil (+1.04%), MTNN (+0.08%) and Flourmill (+0.75%). On the contrary, losses recorded in Unilever (-5.56%), Ardova (-9.65%) and others tapered the broad optimism.

Market turnover remained decent at N3.87bn ($10.05mln), boosted by mixed interest trades in Guaranty and Zenithbank as well as domestic related crosses in Flourmill. The NSEASI ytd return moderated to -3.19%. We expect the market to witness similar sentiments in the next session.

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