Market wrap 27/07/2020

Trading activities for the week commenced on a positive note as the All Share Index appreciated by 1.46% to settle at 24,783.61 points. Today’s positive sentiment was possibly due to end of month portfolio activities as well as investors’ response to  H1 2020 report of quoted companies. Cement manufactures’ published H1 financial report supported Dangcem (+5.66%) and Wapco (+9.59%) upward movement while Guaranty (+7.62%), Zenithbank (+2.58%), UBA (+2.50%), Access (+1.61%), ETI (+1.18%) and FBNH (+1.01%) closed positive in anticipation of better than expected H1 2020 numbers. On the other hand, Oil and gas major Seplat (-9.99%), Berger (-9.84%), Cap (-9.76%), Cadbury (-7.59%), Jberger (-6.16%) and Guinness (-1.08%) finished lower in today’s session.

Market turnover was N2.39bn ($6.15mln), buoyed trades in Flourmills, Wapco and Nestle. The NSEASI ytd return moderated to -7.76%. We expect the market to witness the same sentiments in the next session.

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