January 13, 2020

Market wrap 10/01/2020

The Nigerian All Share Index struggled out of sell pressure to close up by 7bps as profit taking dominated the last trading session of the week. Although market breadth finished on a negative note, last minute spike in Buacement (6.63%), coupled with gains recorded on Okomuoil (+10.00%), UACN (+9.63%), CAP (+4.38%), ETI (+1.30%), UBA (+0.60%) and Guinness (+0.50%) guarded the index into the green territory. Meanwhile, notable laggards included Dangcem (-1.71%), Guaranty (-1.84%), Access (-1.37%) and Zenithbank (-0.68%) at the end of the session.

Market turnover closed at N4.81bn ($13.00mln), buoyed by domestic interest in Dangcem ($0.58 mln), Flourmill ($0.69 mln) and fragmented trades in Guaranty, Zenithbank, and Nestle with mixed interest. The NSEASI ytd return stood at +9.59% .While expected dividend yield in some selected stocks remain attractive, we expect intermittent profit taking in the coming sessions.