October 8, 2019

Market Wrap 04/10/2019

Lukewarm activity dominated the Nigerian equities market in today’s session as the  All share index weaken further by 36bps to closed below 27,000. Today’s southward movement was largely on account of loses recorded in MTNN (-0.38%), CCNN (-9.86%), FO (-9.76%) and Nascon (-3.65%) among others.  Sell pressure was sustained in the banking space as investors showed no love to Access (-1.37%), ETI(-3.18%), Zenithbank (-1.37%), Guaranty (-1.85%) and Fidelity (-1.76%).

Market turnover remain subdued at N1.03bn ($2.84m), boosted by a cross in Guaranty ($0.4 mln)  and Nascon ($0.09 mln) with mixed interest.  The NSEASI ytd return dipped further  to -14.14%. We expect the market to maintain this trading pattern in the next coming sessions.