Market wrap 22/10/19

Negative sentiments persisted in the Nigerian equities market as the ASI booked a negative return of -0.09%, another lower low of the year at 26,365.83 pts. The broad equity tracker finished underwater on account of losses in market heavy weights MTNN(-0.77%) and  Dangcem (-0.07%) amid low investor appetite. On the flip side, Stanbic (+2.07%), Access (+ 0.68%) and Zenithbank (-0.29%) gained in the banking space, while CCNN (+0.95%) and UACN (+1.56%) closed the session stronger.

Market turnover improved tremendously  to  N7.7bn ($21.26m), underpinned by an off shore related cross in Zenithbank ($16.32m) .  The NSEASI ytd return dipped further  to -16.11%. We expect the market to maintain this trading pattern in the next session.

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