December 2, 2019

Market Wrap 02/12/2019

The week’s trading activity commenced on a flattish note as the NSEASI dipped marginally  by -0.04% at the close of the session. The broad benchmark index weak performance was due to loses recorded in the following laggards; UACN (-8.75%), FCMB (-5.47%) CCNN (-5.00%), Glaxosmith (-4.00%), UBA (-0.71%), Access (-0.54%) and Guaranty (-0.49%). Points lost in the laggards undermined  the gains recorded in Dangcem (+ 0.14%), Intbrew (+ 6.38%) and Unilever (+9.94%) in the session. 

Market turnover was subdued  to N2.4bn ($6.7m) buoyed by off shore  related crosses in NB($1.1 mln) and mixed interests in Guaranty ($0.30 mln). The ytd return tapered to -14.13%. We expect the market to maintain this trading pattern in the next session.