January 3, 2020

Market wrap 03/01/19

Positive sentiment was sustained in Nigerian equities market as the All Share Index appreciated by 38bps in today’s session. Today’s activity was buoyed by interest in ETI (+6.11%),UBA (+4.17%), Guaranty (+3.08%) Zenithbank (+2.94%), FBNH (+1.54%) , Access (+0.50%) in the banking space while  Okomuoil (+1.62%), Dangsuagr (+1.43%) and UACN (+1.12%) closed up in the  consumer goods space. Though market breadth closed in the positive territory, notable laggards included NB (-4.92%), Oando (-7.27%), Glaxosmith (-4.55%) and CAP (-0.21%) at the end of the session.

Market turnover tapered marginally to N3.7bn ($10.3 mln), buoyed by offshore trades in Guaranty ($0.7 mln), and mixed interest in UBA ($0.35 mln). The NSEASI ytd return stood at +48bps .We anticipate investors’ expected dividend yield on dividend paying stocks to guide sentiment in the coming session.