Market wrap 20/01/2020

Today’s trading activity on the Nigerian equities market closed on a positive note as the benchmark index recovered from its intraday weakness to close up by 0.31%. Aside the upward trend in MTNN (+1.34%), the positive performance on the broad index was underpinned by gains recorded in the banking and industrial goods space. Specifically  FBNH (+2.04%), Zenithbank (+2.02%), ETI (+1.99%), Guaranty (+1.49%) and UBA (+0.57 %) in the banking space while gains in Wapco (+3.48%) and Buacement (+2.78%) buoyed the Industrial goods index to close in the green zone. Points amassed by the advancers sufficiently offset weakness recorded in Nestle (-6.12%), Unilever (-2.70%), Intbrew (-1.10%), Oando (-4.86%) and Access (-0.46%) at the end of the session.

Market turnover closed at N4.18bn ($11.50 mln), buoyed by cross in Nestle ($0.91mln), Guaranty ($1.00 mln) with mixed interest. The NSEASI ytd return improved  to +10.69%. We expect the market to maintain this trading pattern in the next session.



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