October 8, 2019

Market Wrap 08/10/2019

Nigeria equities market relapsed further in today’s session as the NSEASI dipped by 21bps. The weak performance was on account of selected bellwethers MTNN (-1.15%), Guinness (-1.22%), UBA (-1.65%) and Dangsugar (-2.86%) which closed down on sell pressure. Meanwhile gains in Mobil (+5.64%), FO (+6.08%) supported the Oil & gas tracker  to finish in the green zone while Access (+0.70%), Fidelity (+0.65%) and Guaranty (+0.56%) recorded positive movements in the banking space.

Market turnover improved marginally from preceding session; at  N2.5bn ($7.04m), boosted by c $3.01m worth of trades in Zenithbank and off shore interest in Guaranty ($1.4mln). The NSEASI ytd return dipped further  to -14.70%. We expect the market to maintain this trading pattern in the next session.