October 23, 2019

Market wrap 23/10/19

The Nigerian equities market recorded its first gain this week as the ASI recovered from early weakness to finish up by 0.12%. Late recovery in Dangcem (+1.60%), coupled with upward movement in UBA (+2.63%), FBNH (+1.89%) supported the broad equity index to close in the green region. Meanwhile weakness in Access (-3.40%), Zenithbank (-1.45%) and Guaranty (-0.76%) dragged the banking index southward while Industrial tracker closed underwater due to loss in Wapco (-2.97%).

Market turnover was lower  at  N2.7bn ($7.5m), boosted by offshore related crosses in Nestle ($1.7 mln) and Guaranty (0.82 mln) .The NSEASI ytd return stood at -16.01%. We expect the market to maintain the same trading pattern in the next session.