Market wrap 11/10/2019

Quiet session in the Nigerian equities market as decline in NB (-4.71%), Dangcem (-0.55%) and Guinness (-2.17%) offset marginal gains among the banks: FBNH (+1.89%), Guaranty (+0.19%),and Fidelity (+1.23%); which pulled the NSEASI lower by 19bps. Activity level was subdued today which could be due to the amendment in trade rules released by The NSE. The reviewed rule requires a single trade clip of 100,000 or more units to change the price of any stock listed on the board of the Nigerian stock exchange.

Turnover was meagre at N1.5bn ($4.1m) buoyed by offshore trades in Nestle, Guaranty & Access. Ytd returns on the index stood @ -15.58%. We expect the market to maintain the same trading pattern next week.

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