July 23, 2020

Market wrap 17/07/2020

The Nigerian All Share Index retreated by -17bps to settle at 24,287.66 at the close of today’s session. The weakness in the broad market index was largely due to losses recorded in NB (-2.28%), Guaranty (-2.27%), Dangsugar (-1.64%), UBN (-0.92%) and UBA (-0.81).

Market turnover was meager at  N1.47bn ($3.78m), boosted by crosses in NB and Seplat. The NSEASI ytd return dipped further  to -9.52%. We expect the market to maintain this trading pattern in the next session.