Market wrap 12/11/19

After a brief public holiday, the Nigerian equities market commenced the week on a positive note as the ASI appreciated by +0.54% to finished the first trading session of the week in the green zone. Although the positive sentiment was broad based, the benchmark  indicator was largely supported by gains recorded in the Industrials and Banking space. To be specific, CCNN (+9.14) and Dangcem (+0.96%) in the industrial goods space while UBA (+4.55%), Access (+3.80%), Zenithbank (+1.46%) Guaranty(+0.35%), and Stanbic (+0.27%) amassed points among the banks. Other notable gains in the day included MTNN (+0.04%), while NB (+1.51%), UACN (+4.84%) finished stronger in the consumers goods space. Despite the improved market sentiments, WAPCO (-3.74%) retreated on sell pressure while FBNH (-3.45%), FCMB (-3.23%) and ETI (+1.43%) closed lower in today’s session.

Market turnover improved to N7.15bn ($19.6m), boosted offshore related crosses in NB($3.7 mln), Guaranty ($213mln), and local interest block trades in MTNN($1.2 mln).  The ytd return moderated to -15.83%. We expect the market to maintain this trading pattern in the next session

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