Market wrap 05/12/19

Today’s trading activity on the Nigerian equities market improved marginally though the benchmark index dipped  by 9bps at the close of the session. The indicator was dragged southward by weakness recorded by some names in the Banking and Oil & gas space . Specifically,  Access (-2.69%), Fbnh (-2.21%), UBA(-0.72%) and Guaranty (-0.50%)  pressured down the banking  index while Oando (-0.28%) swayed the Oil & gas sector performance as other players in the space closed flat. Although market breadth closed in the red, gains in UACN (+6.62%), Dangsugar (+8.03%) and NB (+0.29%) supported the Consumer goods index to finish the session on a positive note.

Market turnover improved marginally to N2.8bn ($7.8 mln), buoyed by offshore crosses in NB($1.3 mln), Guaranty ($ 1.6mln), and local crosses in UACN ($0.50mln). The NSEASI ytd return stood at -14.37%. We expect the market to maintain this trading pattern in the next session.


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