September 30, 2020

Market wrap 28/09/2020

Trading activities in the domestic equities market remained unbeaten as the NSEASI commenced the week on a positive note, appreciating +72bps in the day. Positive movement in selected large cap; Oil & gas major Total (+10.00%), as well as cement manufacturers, Wapco (+6.31%), Buacement (+4.80%) and telco giant MTNN (+2.02%) largely underpinned the performance. Key movers were Aiico (+9.72%), Intbrew (+8.33%), UACN (+4.10%), FBNH (+3.88%), UBN (+3.00%), Okomuoil (+2.56%), and Jberger (+1.91%) among others. Though  market breadth finished strong, Seplat (-0.50%), Jaizbank (-3.39%), and Maybaker (-5.54%) declined in the session.

Market turnover was N4.02b ($10.57m), driven by mixed interest trades in Zenithbank and Guaranty, as well as domestic interest in MTNN. The NSEASI ytd return moderated to -1.25%. We expect the market to witness similar sentiments in the coming session.