June 23, 2020

Market wrap 23/06/2020

Investor sentiment remained largely unchanged in today’s trading session and activities remained light with the NSEASI flattish (-0.02%) at the close, as weakness in the large caps were balanced by the few advancers. Telecoms giant MTNN(+1.64%) was a major mover  thanks to a cross trade and was supported by consumer majors Flourmill (+1.52%) and UACN(+0.71%) alongside Zenithbank (+0.62%) mostly on light volumes. On the flipside were other key counters spanning different sectors, notably the likes of Dangsugar(-9.85%); PZ (-8.16%); NB(-2.70%); WAPCO (-2.22%); ETI (-5.10%); Fidelity(-2.81%); Access (-1.48%)and Mansard (-1.10%),which all weakened as investor apathy persisted. 

 Market turnover was thus low at  N1.5bn ($4.0m),  with the only major block trade observed being an offshore related cross in MTNN ($0.3m). The NSEASI ytd return dipped to -7.79%. We expect the market to witness the similar sentiments in the coming session.