October 9, 2019

Market Wrap 09/10/2019

Weak sentiment persisted in the Nigerian equities market as the  All share index plummeted by -0.79%. Sell pressure in market heavy weights Dangcem (-3.91%), Nestle (-1.22%) and NB(-4.00%), largely dragged the broad market indicator further southward in today’s session. Other laggards were PZ(-10.00%), Guinness (-7.69%) and Presco (-4.83%) while Fbnh (-0.94%) and Zenithbank (-0.28%) dipped in the banking space. On the flipside gains were recorded in MTNN (+1.17%) ,Access(+2.80%), UACN (+2.14%) and FO (+1.91%) in the session.

 

Market turnover was very impressive at N7.3bn ($20.45m), boosted by a cross in Dangcem ($4.8mln) with offshore interests and an off market trade of ($7.5mln) in custodian.  The NSEASI ytd return dipped further  to -15.37%. We expect the market to maintain this trading pattern in the next session.