December 4, 2019

Market wrap 04/12/19

The market was on snooze mode for most part of today’s session as investor apathy dominated, leaving the NSEASI flattish by -0.02% at the close. Activity levels were very low, despite the absence of any major bank holiday around the world and most prices were unchanged. Nonetheless, pullbacks in Sterlingbnk (-6.34%); Oando (-2.16%); Zenith(-0.53%) and Guaranty(-0.17%) slightly offset gains in Unilever (+2.44%); Intbrew (+1.00%); CCNN(+1.05%); FBNH(+1.49%) and WAPCO (+0.36%). Market breadth was flattish with about one gainer recorded per each loser.

Market turnover was consequently very low at N1.1bn ($3.0m), with no major block trades observed. The ytd loss on the index further currently stands at -14.29%. We expect the market to maintain a similar trading pattern in the next session.