June 17, 2020

Market wrap 17/06/2020

Trading activities in the domestic equities market ended on a positive note as the benchmark index appreciated by 17bps to settle at 24,972.94 points. The gauge’s performance was largely on account of gains amassed by heavyweight Nestle (+10.00%), as well as Cadbury (+6.67%), Flourmill (+4.35%), Access (+1.48%) and Zenithbank (+0.31%). However, weakness in Seplat (-9.99%), Guaranty (-2.54%), Dangsugar (-2.03%) and FBNH (-1.94%) among others pared the positive movement in the broad market indicator.

Market turnover was N2.71bn ($6.97mln), buoyed by mixed interest trades in Guaranty and offshore interest in Seplat. The NSEASI ytd return moderated to -6.96%. We expect the market to witness the same sentiment in the next session.