Market wrap 29/01/2021

The domestic equities market closed on a positive note as the ASI rose marginally by +0.58% on account of gains recorded in telecommunication company Mtnn (+3.43%) as well as Ardova (+8.57%), Guaranty (+1.47%), Dangsugar (+1.92%), Uacn (+2.45%), and Oando (+2.50%) among others. Market breadth was somewhat positive with 29 gainers and 25 laggards.  However, Stanbic (-3.43%), CAP (-2.44%),Fidelitybk (-1.45%), Guinness (-1.04%), Wapco (-0.99%), and Access(-0.53%) all declined.

Market turnover was N5.69bln ($17.19mln) buoyed by domestic interest in Zenithbank, Mtnn, Guaranty  and Wapco . Ytd performance improved to +5.32%. We expect the market to maintain a similar trading pattern in the coming session

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