October 6, 2020

Market wrap 06/10/2020

Demand for equities remained robust as the NSEASI accelerated further by +4.92% today to settle 28,909.37 points. The positive sentiments was widespread, though heavyweight stocks continued to lead the pace of activities. Specifically, gains recorded in cement manufacturers Dangcem (+9.86%) and Wapco (+9.69%), coupled with positive movement in MTNN (+5.70%) propelled the board index. Also Zenithbank (+9.47%) along with its peers Guaranty (+6.06%), UBA (+9.30%), Access (+9.15%), FBNH (+9.91%), Stanbic (+4.94%) as well as select consumer goods stocks: NB (+7.17%), Presco (+10.00%), Guinness (+6.00%), Intbrew (+10.00%) and Flourmill (+2.33%) all advanced.

Market turnover was impressive to N9.49b ($22.7m), driven by mixed interest related trades in Zenithbank, Guaranty and UBA. The NSEASI ytd return rose to +7.70%. We expect the market to witness similar sentiments in the coming session