January 9, 2020

Market wrap 09/01/2020

Trading on the Nigerian equities market closed on a positive note for fourth consecutive time this week as the NSEASI appreciated by 2.92% in today’s session. Though we saw mild profit taking in some banking names, impressive performance in the Industrial goods space supported the northward movement in the broad market index. Notable the gainers today were Dangcem (+6.71%), MTNN (+5.94%), Presco (+9.71%), Guaranty (+4.16%) and Wapco (+3.70%). Meanwhile  profit taking in UBA (-5.65%), Access (-5.60%), ETI (-3.75%) saw them closed underwater while Unilever (-3.06%), Flourmill (-1.71%) also finished lower. Market Capitalization was boosted by the listing of 33,864,354,060 ordinary shares BUA Cement at N35.00 upon the conclusion of the Scheme of Merger between Cement Company of Northern Nigeria Plc (CCNN) and OBU Cement Company Plc.

Market turnover was robust  at N7.4bn ($20.4 mln), buoyed by domestic related trades in Buacement, Guaranty, Flourmill, Dangcem and MTNN. The NSEASI ytd return stood at +9.51% .We expect some elements of profit taking in the coming session.