October 29, 2019

Market wrap 29/10/19

The Sell down in foremost telecoms operator, MTNN (-1.59%) alongside weakness among the banks, driven by Guaranty (2.67%), pulled the equities index lower by 53bps. UBA and Fidelity crumbled under sell pressure though sustained bargain hunting was sufficient to keep Zenith at par among the lenders whilst Access continued to enjoy positive review post its Q3 earnings release. NB rose on early crosses in the consumer space whilst Lafarge retreated among the industrial goods.

Turnover rose from yesterday’s abysmal level to N2.8bn ($7.59m) and was buoyed by crosses Guaranty, Zenith and NB which involved offshore participants. Ytd return on the index fell further to -16.50%. We expect the market to maintain the same trading pattern.