January 8, 2021

Market wrap 08/01/2021

Trading activities in the domestic equities market closed on a negative note as the ASI retreated by -1.16% to settle at 40,120.22 points. Though investor’s sentiment remained positive, today’s weak performance was on account of decline in recorded among cement manufacturers; Dangcem (-8.13%) and Wapco (-0.45%). However, positive movement in Oil & gas majors Seplat (+10.00%) and Total (+10.00%) as well as gains in Uacn (+5.63%),Intbrew (+2.99%), Guinness (+2.27%) and Unilever (+1.54%) salvaged some valuable points in the day. Other key movers were: ETI (+3.12%), UBA (+2.91%), Access (+2.84%), Zenithbank (+1.38%), Fbnh (+1.36%) and Ubn (+0.95%).

Market turnover was N3.65bn ($9.53m) though buoyed by trades in Guaranty, Zenith, and Access. The NSEASI ytd return dipped to – 0.37%.  We expect the market to maintain a similar trading pattern in the coming session.