Market wrap 26/11/19

Trading activity on the Nigerian equities market ended in the negative territory today as the benchmark index retreated by 0.56% at the close of the session. The benchmark indicator’s performance was underpinned by weakness in heavy weight MTNN (-1.67%) on last minute sell off, coupled with Dangcem (-0.28%), Nestle(-0.01%) and Unilever (-6.59%). Persistent profit taking in some banking names saw the sector’s tracker finish the session in the red; Zenithbank (-1.34%), Access (- 5.10%) ,Fidelity (-1.48%) ,UBA (-4.08%) and UBN (-0.70%) all closed lower.

Market turnover was at N3.10bn ($8.5m), buoyed by mixed interest crosses in MTNN ($1.0 mln), Guaranty ($0.65mln) and Nestle ($0.5 mln). The NSEASI ytd return increased to -14.47%. We expect the market to maintain this trading pattern in the next session

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