August 27, 2020

Market Wrap 27/08/2020

The Nigerian All Share Index retreated by -10bps to settle at 25,304.25 points at the close of today’s session. Weakness in some Industrial goods:  Dangcem (-0.59%), Wapco (-1.28) together with profit taking in Access (-2.34%),UBA (-0.78%) and Zenithbank (-0.59%) largely accounted for the decline in the broad indicator. Notwithstanding, NB (+2.78%), Guinness (+0.65%), and Guaranty (0.60%) advanced in the day.

 Market turnover was at  N1.58bn ($4.07m), boosted by mixed interest crosses in UACN , as well as fragmented trades in UBA, Zenithbank and FBNH. The NSEASI ytd return dipped to -5.73%. We expect the market to maintain this trading pattern in the next session.