August 3, 2020

Market wrap 28/07/2020

The All Share Index retreated by -54bps to settle at 24,650.16 pts today. Weakness in telecoms giant MTNN (-1.67%) alongside declines in Guaranty (-3.00%) together with oil and gas majors; Total (-9.95%), Seplat (-9.82%) largely accounted for the broad indicator’s performance. Other laggards include: , UACN (-6.85%), Jberger (-6.25%) and Guinness (-1.82%). Market breadth was slightly negative, notwithstanding gains were recorded in Berger (+10.00%), Okomuoil (+6.31%), Zenithbank (+2.83%) and Dangsugar (0.42%).

Market turnover closed at  N1.89bn ($5.08m), boosted by crosses in MTNN and fragmented trades in Guaranty and Wapco. The NSEASI ytd return dipped further  to -8.17%. We expect the market to maintain this trading pattern in the next session.