June 29, 2020

Market wrap 29/06/2020

The NSEASI rose marginally by 12bps largely on account of crosses among the consumers; Nestle (+4.73%) and Okomu (+10.00%) though activity level remained subdued across board in many names. The banks were pressured on declines recorded in Guaranty (-1.54%), ETI (-4.76%) and UBA (-2.34%) notwithstanding gains recorded in FBNH (+1.93%) which salvaged some points for the lenders.

Market turnover remained less impressive at $4.2m (N1.6bn) and was dominated by offshore related crosses in Guaranty whilst locals participated in Nestle. Ytd return of the index closed at -7.39%. We expect the market to continue in the same trading pattern.