June 8, 2021

Market wrap 08/06/2021

The Nigerian equities market closed on a brighter note as the NGXASI appreciated by +0.50% to settle at 38,881.70 point in the day. Gains recorded in cement manufacturer Dangcem (+2.27%), Okomuoil (+10.00%), Unilever (+3.86%), Dangsugar (+2.94%), Flourmill (+2.46%), Guaranty (+0.35%) underpinned the northward movement in the broad index. Although most stock closed flattish, market breadth was neutral, as Wapco (-0.49%), Access (-0.61%), Zenithbank (-0.22%), Fidelitybk (-0.44%), and ETI (-0.99%) all recorded mild decline

Market turnover was N1.59bln ($3.84mln), boosted by trades in Zenithbank, Guaranty and Dangcem. The YTD return on the NGX index moderated to -3.45%. We expect the market to maintain a similar trading pattern in the coming session.