Market wrap 11/12/19

Trading activity on the Nigerian equities market closed in the positive note for the first time this week  as the benchmark index recovered marginally  by 19bps today. Gains in  MTNN (+1.72%), Flourmill (+1.58%), Access (+1.09%), UBA (+3.85%), Uacn (+3.11%) and Oando (+4.17%) ) supported the NSEASI to close in the positive region. Points amassed among the gainers sufficiently offset weakness in Guaranty (-2.27%), Fcmb (-2.17%),Stanbic (-1.90%) Fbnh (-1.59%), ETI (-1.54%) and Zenithbank (-0.27%).

Market turnover closed at N3.0bn ($8.30 mln), buoyed by mixed crosses in Dangcem ($1.2mln), Guinness ($0.7 mln) and Nestle ($ 0.9mln). The NSEASI ytd return moderated  to -15.90%. We expect the market to maintain this trading pattern in the next session


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