July 7, 2021

Market wrap 07/07/2021

The NGXASI (+0.15%) closed higher today as investors sought to position in selected stocks . Today’s positive movement was broad based as most of the sub-indices edged higher. Specifically, Cement manufacturer Wapco (+1.64%) closed higher while Glaxosmith (+3.31%),Dangsugar (+1.98%), Flourmill(+0.17%), advanced among the consumer goods. Also, Access (+2.72%), Fbnh (+1.33%), Fidelitybk (+0.87%) and Zenithank (+0.81%) recorded positive movement in the banking space. On the contrary, Bocgas (-9.94%), Berger (-9.64%), UBA (-1.91%), ETI (-0.96%), and Intbrew (-0.93%) all declined .

Market turnover was N2.56bln ($6.20mln), boosted by trades in Zenithbank, GTCO, and Access. The YTD return on the NGX index moderated to -4.43%. We expect the market to maintain a similar trading pattern in the coming session.