Market Wrap 28/07/2021

Lukewarm trading activities on the domestic equities market as the NGXASI retreated marginally by -0.02% in the day. Profit taking in selected banking stocks ; Fcmb (-1.95%), Zenithbank (-1.61%),UBA (-1.28%), Access (-1.06%), Fbnh (-0.67%) as well as negative movement in Eternal (-6.58%), Afriprud (-3.60%),Vitafoam (-1.57%),Uacn (-0.88%), and Glaxosmith (-0.78%) contributed to the index’s performance. On the contrary, mild reversal in Mtnn (+0.25%), together with positive movement Oando (+ 9.81%), Bocgas (+8.88%), ETI (+1.90%), UBN (+1.89%), Dangsugar (+1.37%), Ardova (+1.12%), and Livestock (+4.80%) salvaged some valuable points.

Market turnover was meagre at  N1.88bln ($4.60mln), though boosted by trades in Zenithbank Mtnn, and Oando. The YTD return on the NGX index dipped further to -3.67%. We expect the market to maintain a similar trading pattern in the coming session.

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