January 15, 2020

Market wrap 15/01/2020

Sell pressure lingered into today’s session in the Nigerian equities market as the benchmark index finished lower by 75bps. The lackluster performance was largely due to weakness in Banking and Industrial space. Prominent among the laggards were MTNN (-2.98%), Buacement (-2.44%), ETI (-7.69%), UACN (-3.17%), Access (-2.86%), Oando (-3.95%), Dangsugar (-2.03%) and Intbrew (-1.09%). Despite the lull in the today’s session, Betaglas (+10.00%), Glaxosmith (+7.14%), FO (+6.44%), UBA (+3.03%), Guaranty (+0.63%) and Zenithbank (+0.23%) finished in the green region.

Market turnover closed at N2.8 bn ($7.8 mln), buoyed by interest domestic related crosses in Buacement ($0.9mln), Access($ 0.6mln). The NSEASI ytd return dipped to 8.27%. We expect the market to maintain this trading pattern in the next session