September 3, 2020

Market wrap 01/09/2020

Trading activities in the Nigerian equities market closed on a brighter note as the NSE All-Share Index remained unbeaten. The broad index appreciated by +0.34% to settle at 25,413.76 points, largely due to points amassed by cement manufacturers Wapco (+2.09%) and Buacement (+0.25%) as well as gains in telecommunication giant MTNN (+0.17). Also, the session witnessed renewed interest in bellwether banking stocks; UBA (+4.80%), Access (+3.23%), FBNH (+3.06%), Zenithbank (+0.60%) and Guaranty (+0.39%)  together with some consumer goods; NB (+5.41%) and UACN (+4.39). Nevertheless, Dangcem (-0.67%), UBN (-5.66%), and PZ (-2.38%) declined in the session.

Market turnover was meagre at N1.44bn ($3.72mln), buoyed by an off market trade in UAC-PROP, and blocked trades in Dangcem, Guaranty and Access. The NSEASI ytd return moderated to -5.32%. We expect the market to witness the same sentiments in the next session.

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