Market wrap 30/06/2020

The ASI buckled by -1.53% with selling pressure dominating bargain hunting moves in many names, as the bourse recorded three losing stocks for every gainer. Investor apathy persisted notwithstanding that today’s session was the last for the quarter, which also coincided with half year. Year-to-date performance of the broad index fell further to close the session at -7.39% on account of losses recorded by cement giants; Buacem (-10.00%) and Dangcem  (-0.78%). The banks were also pressured on the sell side as indicated by declines in GTB (-1.34%), Zenith (–0.62%), FBNH (-0.94%), Access (-0.76%) among others. The consumers fared better than their Banking and Industrial goods counterparts on account of gains recorded in NB (+3.24%) and Okomu (+9.94%) though Flourmill fell by -2.81% and Nestle was unable to print sufficient volume clip to change the market price

Turnover improved to $8.1m (N3.1bn) buoyed by offshore crosses in NB, Nestle and Dangcem whilst FBNH involved mixed interests. We expect market sentiments to remain subdued in the absence of fresh incentive to stimulate interests in the next session.

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