August 3, 2020

Market wrap 29/07/2020

The Nigerian equities market concluded the week on a brighter note as the Federal Government of Nigeria declared Thursday 30th and Friday 31st July as public holiday to commemorate this year’s Eid el-Kabir celebration. The All Share Index rose by 18bps to settle at 24,693.73 points due to recovery in bellwether Seplat (+10.00%), Buacement (+1.03%), as well as gains in FBNH (+1.01%) and UBA (+0.81%). Despite the upward movement,  Guinness (-3.70%), Zenithbank (-0.31%), Guaranty (-0.44%) and MTNN (- 0.08%)  declined in today’s session.

Trading activities was tepid as market recorded trades worth to N973mln ($2.49mln), though boosted by mixed interest trades in Guaranty and Seplat. The NSEASI ytd return moderated to -8.00%. We expect the market to witness the same sentiments in the next session.