Market wrap 21/10/19

The Nigerian equities market commenced the week on a quiet note, as the  ASI dipped by 22bps to close in the negative region. Losses in heavy weight Dangcem (-0.69%) coupled weakness in some banking stocks Zenithbank (-1.43%), UBA (-0.87%) and Access (-0.68%)  contributed the most to the southward movement recorded in the equities market. Despite the expectation on Q3 earnings of quoted companies,  investors exhibited a wait and look approach towards this risky asset class. While most stock closed flattish, ETI (+1.43%) was the only gainer in the banking space at the close of today’s session.


Market turnover was meagre at N1.3bn ($3.6m), boosted by fragmented trades in Dangcem, Nestle and Guaranty with off shore interest.  The NSEASI ytd return dipped further  to -16.04%. We expect the market to maintain this trading pattern in the next session.

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