July 23, 2020

Market wrap 21/07/2020

Activity level in the Nigerian equities market remained tepid as the ASI depreciated by 41bps to settle at 24,174.45 points.  Weakness in the broad index was largely on due to losses posted by heavy weighted Dangcem (-3.17%), as well as downward movement in CAP (-8.23%), Zenithbank (-0.64%), Eterna (-10.00%) and Intbrew (-9.21%).  Though investors remained cautious towards risky assets, telecommunication giant MTNN  (+0.85%), NB (+3.33%), Vitafoam (+7.88%) and Access (+0.82%) all advanced today.

Market turnover was N3.27bn ($6.65m), boosted by offshore related crosses in Dangcem, NB and mixed crosses in FBNH. The NSEASI ytd return dipped further  to -9.94%. We expect the market to maintain this trading pattern in the next session.