Market wrap 24/09/19

Weak sentiments persisted in the Nigerian equities market as the  All share index nosedived by 1.08%. Sell pressure in market heavy weights Dangcem (-0.39%), MTNN (-0.71%) dragged the broad market indicator further southwards in today’s session. Investors showed no love to the banks, as the sector tracker plummeted by 2.39%, underpinned by weak performance in Guaranty (-2.42%), Zenithbank (- 2.37%), Stanbic (- 8.28%), FBNH (-2.70%) and UBA(-2.44%) which all finished lower. Mobil (-2.85%) and FO (-1.45%) brought the Oil & gas indicator on its knee while Cadbury (-9.91%), Dangsugar (-6.33%) showed weakness among the consumer goods.

Market turnover improved marginally to N2.8bn ($7.77m), boosted by crosses in NB ($5.38 mln)  which involved offshore interests.  The NSEASI ytd return dipped further  to -12.98%. We expect the market to maintain this trading pattern in the next session.

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