Market wrap 14/10/2019

A breather in the Nigerian equities market as the NSEASI finished the first session of the week in the positive region by 10bps. Last minute gains in heavy weight Dangcem (+0.55%) coupled with upticks in Nestle (+0.01%), UBA (+1.69%), and Guaranty (+0.19%) largely supported the broad index to close higher at the end of today’s session. Although market breadth closed in the positive region, notable laggards includes UACN(-6.99%),FBNH (-2.78%), ETI (-2.70%) and Zenithbank (-0.28%).

Market turnover was N2.7bn ($7.55m), boosted by crosses in Guaranty ($0.84 mln), Nestle ($2.84mln) and Dangcem ($0.65 mln) involving offshore interests.  The NSEASI ytd return improved marginally to -15.55%. We expect the market to maintain this trading pattern in the next session.

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