Market wrap 22/01/2020

The Nigerian equities market finished  today’s session on a flattish note as the ASI posted a return of -2bps . Notable laggards like Dangcem (-0.12%), MTNN (-0.23%), Wapco (-3.17%), Flourmill (-3.62%) and Zenithbank (-1.57%) succumbed to sell pressure in today’s session. On the flipside, recovery in Buacement(+1.51%), coupled with gains in UBA (+2.48%), Access (+0.50%), Sterlnbank (1.06%) and FCMB (+1.04%) pared the effect of the laggards on the ASI .

Market turnover closed at N3.6bn ($9.9 mln), buoyed by cross in DANGCEM ($1.1mln), Guaranty ($0.80 mln) with local interest. The NSEASI ytd return dipped slighly  to +9.75%. We expect the market to maintain this trading pattern in the next session.

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