Market wrap 01/11/2022

Feeble trading activities on the domestic equities market as the NGX ASI remain subdued, closing down by 20bps to settle at 43,745.73 points. Weakness on Oil & gas major, Seplat (-8.33%), as well as negative movement in Jberger (-9.46%), UACN (-6.15%), Buafoods (-4.80%), Stanbic (-2.61%) and Cadbury (-2.16%) accounted for the southward movement on the broad index. On the contrary, Nahco (+9.35%), Fcmb (+3.31%), Buacement (+2.86%), Accesscorp (+1.28%), FBNH (+0.51%) and Fidelitybk (+0.24%) closed higher at the close of the session.

Turnover was N4.01bln ( $9.1mln) dominated by  block trade in Seplat with mixed interest. The YTD return on the NGX index tapered to +2.41%. We expect the same trading pattern in the coming session .

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