Trading on the Nigerian equities market commenced on a negative note as the ASI dipped by -0.33% to finished the first trading session of the week in the red zone. The negative performance was on account of profit taking in the banking space, specifically, losses in Access (-6.67%), ETI (-6.67%), Zenithbank (-0.80%), FBNH (-2.19%), and Access (6.67%) offset the gains recorded in Stanbic (+ 2.63%), and UBN (+1.43%) during the session. Meanwhile gains in Guinness (+ 8.39%),UACN (+2.27%) sufficiently offset weakness in Okomuoil (-5.57%) and PZ (-1.87%) in the consumer goods space. Following the approval of the scheme of arrangement for the acquisition of the entire issued and fully paid ordinary shares of Dangflour by Olam International, the NSE announced the delisting of Dangote Flour Mills Plc from the Daily Official List of The Nigerian Stock Exchange with effect from 18 November 2019.
Market turnover was trimmed down by c.55% to N2.01bn ($7.01m). The ytd return tapered to -14.85%. We expect the market to maintain this trading pattern in the next session