November 28, 2019

Market wrap 28/11/2019

The NSEASI recorded a modest positive movement today, rising by +0.13% to close at 26,824.50. The recovery on the broad index was driven by renewed positive sentiments in some banking names- FBNH( +4.62%); Access (+2.23%), UBA (+1.43%), Zenithbank (+0.54%) and Guaranty (+0.50%). Also some recovery in Glaxosmith (+9.65%), UACN (+7.14%), Oando (+6.29%) and Unilever (+ 0.63%) contributed to close the session stronger. On the flip side were contractions in Dangcem (-0.42%) and Dangsugar (+4.83%) which closed lower on sell pressure.

Market activities improved marginally as turnover closed at  N1.7bn ($4.7m), buoyed by mixed interest crosses in Dangcem ($0.5m) and Nestle ($0.7m). The YTD loss on the NSEASI further narrowed -14.64%. We expect the market to maintain  a similar trading pattern.