Market wrap 28/01/2021

Trading activities on the Nigerian equities market closed on a brighter note as the ASI appreciated by 0.83% to settle at 41,930.73. Positive movement in telecommunication companies Mtnn (+2.40%) and Airtelafric (+1.09%) as well as gains in Wapco (+7.27%) Jberger (+5.64%) and Dangsugar (+2.49%) largely accounted for the day’s performance. Also, points amassed in selected banking stocks; Fcmb (+2.77%), Fbnh (+2.70%), Uba (+2.27%), Access (+1.08%), Zenithbank (+0.57%) and Guaranty (+0.15%) masked weakness in UBN (-3.39%) and ETI (-2.29%).

Market turnover was N7.32bln ($19.02mln) buoyed by trades in Airtelafric Zenithbank, Guaranty, and Mtnn . Ytd performance moderated to +4.12%. We expect the market to maintain a similar trading pattern in the coming session.

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