September 16, 2020

Market wrap 16/09/2020

Trading activities in the Nigerian equities market closed on a negative note as the  NSEASI relapsed by 15bps to settle at 25,558.81 points. The indicator was dragged by weakness in some banking counters: Zenithbank (-1.16%) pulled underwater ahead of tomorrow’s dividend markdown whilst Guaranty (-0.80%) was unable to recover grounds on dividend points deduction today, Access (-1.49%), ETI (-1.22%), FBNH (-1.00%), UBA(-0.83%) all closed lower. Also, Cadbury (-8.39%), Intbrew (-6.25%), Wapco (-3.70%) and Jberger (-0.32%) declined. Nevertheless,  NB (+2.31%), Berger  (+7.44%), UBN (+7.00%), CAP (+0.59%) advanced in the session.

 Market turnover was low at  N2.42bn ($6.26mln), dominated by trades in MTNN, Zenithbank and Access. The NSEASI ytd return dipped to -4.78%. We expect the market to trade with similar sentiments in the next session.