Market wrap 17/10/2019

The equities market declined marginally by 6bps as the broad index continued its recent lacklustre form. Activity level was subdued for most part of the session save for crosses in Nestle and Guaranty. Losses in banking names: Guaranty, UBA and Zenith offset gains in MTNN and others. Notwithstanding, market breath was slightly positive though sentiments remain bearish.

N2.9bn ($8m) was recorded as turnover on the day and was dominated by offshore trades in Nestle ($3.2m) and Guaranty ($2m). Ytd loss on the index is -15.83%. We expect the market to trade sideways in the next session.

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