November 3, 2020

Market wrap 02/11/2020

The All Share Index retreated marginally by -17bps to settle at 30,479.39 pts today. Profit taking in bellwether stocks dragged the broad index southward. Specifically, ETI (-8.85%),Intbrew (-5.02%), Afriprud (-3.90%), UACN (-3.85%), Mobil (-3.11%), Fbnh (-1.54%), Wapco (-0.80%) and Zenithbank (-0.68%) among other declined. These weakness masked gains recorded in Dangsugar (+9.78%), Nascon (+6.49%), Flourmill (+2.49%) Glaxosmith (+3.33%) and Access (+0.63%).

Market turnover closed at N3.80bn ($9.96m), boosted by mixed interest trades in Zenithbank. The NSEASI ytd return dipped to +13.55%. We expect the market to maintain this trading pattern in the next session.