Market wrap 11/01/2022

The ASI (-0.09%) dipped marginally in today’s session on account of weakness in Nestle (-7.81%), and Dangcem (-0.38%). Also negative movement in NB (-5.21%), Berger (-9.94%)NGXGROUP (-4.30 %), Unilever  (-4.29%), UBA (-1.82%),Nascon (-1.14%), Wapco (-0.96%), Ucap (-0.88%) and GTCO (-0.20%) contributed to the performance. Though market breadth closed in the negative region, Buafoods(+10.00%) continued to enjoy positive sentiment as well as positive movement in  UBN (+4.63%), Eterna (+5.09%), Guinness (+2.76%), Seplat (+0.75%), Flourmill (+0.71%) MTNN (+0.27%) and Zenithbank (+0.20%).

Turnover was N6.78b ($16.4m) though boosted by trades in Buafoods. The YTD return on the NGX index dipped to +2.68%. We expect the market to maintain a similar trading pattern in the coming session.


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