Market wrap 23/07/2020

Trading activities in the Nigerian equities market closed on a brighter note as the NSE All-Share Index appreciated by +1.40% to settle at 24,512.27 points. Impressive performance by market heavy weight Dangcem (+10.00%) as well as gains in MTNN (+0.84%, FBNH (+1.01%), FCMB (+1.05%) and Access (+0.81%) contributed to the upward movement of the broad market index. While most stock remained flattish, Buacement (-3.50%), Dangsugar (-2.50%), ETI (-1.18%), UBA (-0.81%) and Guaranty (-0.23%) closed the session in negative territory.

Market turnover was N2.13bn ($5.50mln), buoyed by domestic related crosses in Dangcem, MTNN, Guaranty and Zenithbank. The NSEASI ytd return moderated to -8.68%. We expect the market to witness the same sentiments in the next session.

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