November 12, 2019

Market wrap 08/11/2019

The NSE All-Share Index wrapped up the week on a positive note, with the benchmark index inching higher by 0.48% at the close of today’s session. Today, gains recorded on Access (+9.52%), Guaranty(+5.93%), FCMB(+7.51%),FBNH (+7.41%) and UBA (+3.94%) supported the banking index into the green region. Meanwhile, gains in WAPCO (+5.00%) and CCNN (+6.71%) sufficiently offset  Dangcem (-1.42%) to guide the Industrial index to a positive close. Though we saw improvement in market breadth, weakness in Unilever (-9.47%) and Intbrew (-8.29%) brought the Consumer goods index on its knee while CAP (-4.89%) closed underwater.

Market turnover improved to N5.58bn ($15.3m), boosted offshore interest in Zenithbank ($1.62mln), Dangcem ($0.55mln), and CAP($1.0 mln). The equities market was down in three of the five sessions, nevertheless the NSEASI gained 0.08% for the week while ytd return moderated to -16.28. We expect the market to maintain this trading pattern in the next session