Market wrap 24/11/2020

Improved bargain hunting supported the NSEASI to close in the positive territory today, as the index rose by +0.65% to 34,340.56 points . Gains in bellwether stocks in the banking space; Stanbic (+7.08%), Fbnh (+6.72%), UBA (+6.49%), Access (+5.70%), ETI (+3.17%), Fidelitybk (+9.47%), UBN (+7.27%) and Guaranty (+0.15%) supported the performance though Zenithbank (- 0.21%) declined. Other notable movers were Dangsugar (+1.56%), Wapco (+0.91%) and Glaxosmith (+0.75%). Market Breadth closed positive with almost 2 advancers recorded per each decliner.

Market turnover was N4.49bln ($12.24m), buoyed especially by mixed interest trades in Guaranty and Zenithbank. The NSEASI ytd return improved to +27.77%.  We expect the market to maintain a similar trading pattern in the coming session.

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