September 3, 2020

Market wrap 02/09/2020

The domestic equities market edged higher in today’ session as the All Share Index rose by 18bps to settle at 25,460.00 points. The benchmark performance was primarily due to points amassed in selected consumer goods; NB (+2.56%), Guinness (+1.45%), Flourmill (+1.06%) as well as upward movement in Buacement (+0.25%). Stanbic (+2.74%) ticked higher as investors responded to the lender’s H1 2020 financial publication, also UBN (+2.00%), Zenithbank (+0.59%), and Guaranty (+0.20%) advanced in the session. Though most stocks closed flattish,  UBA (-1.53%), Wapco (-1.64%), Oando (-2.13%), and Glaxosmith (-4.90%) finishing lower.

 Market turnover was meager N1.12bn ($2.89mln), though buoyed by mixed interest trades in Zenithbank , MTNN and Zenithbank. The NSEASI ytd return moderated to -5.15%. We expect the market to witness the same sentiment in the next session.