Market wrap 29/01/2020

Nigerian equities market closed today’s trading session on a negative note as the benchmark index retreated  by 91bps to settle at 29,110.90 points. Prominent laggards in the session were MTNN (-4.00%), Unilever (-5.06%) ,UACN (-5.21%), Guaranty (-2.90%), ETI (-2.61%), Wapco (-1.45%) and Cadbury (-0.92%). Despite gains recorded in NB (+1.85%),UBN (+1.69%),Flourmill (+5.67%) and  Jberger (+0.45%). Points lost among the laggards were sufficient to put the NSEASI underwater.

Market turnover closed at 4.60bn ($12.60 mln), buoyed by domestic crosses in MTNN ($2.8mln), Unilever ($0.88 mln) and mixed block trades in Guaranty ($ 1.2mln). The NSEASI ytd return tapered to +8.45%. We expect the market to maintain this trading pattern in the next session.

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