January 8, 2020

Market wrap 08/-1/2020

The bulls maintained its grip on Nigerian equities market as the benchmark index appreciated by 3.54% in today’s trading session. The performance was largely buoyed by gains recorded in market heavy weight Dangcem (+9.33%)and MTNN (+1.77%). Positive sentiments spread across board as all sub- indices closed in the green region; notable gainers includes FBNH (+10.00%), Jberger (+9.80%), Flourmill (+8.85%), Presco (+8.00%), Okomuoil (+6.19%), Wapco (+5.69%),Zenithbank (+3.81%), Access (+3.57%%), Guaranty (+2.46%) and PZ (+4.46%) among others. Though market breadth closed on a positive note, weakness was observed in Total (-3.52%), UACN (-2.16%),Unilever (-2.00%), and Dangsugar (-0.33%).

Market turnover remain robust  at N9.22bn ($25.28 mln), buoyed by mixed crosses in Access, Zenithbank and local related block trades in UBA, FBNH and MTNN. The NSEASI ytd return stood at +6.29% .We anticipate investors’ expectations on dividend yields on stocks to guide sentiments in the coming session.