February 3, 2020

Market wrap 31/01/2020

Today’s trading activities on the Nigerian equities market came to a close on a negative note as the ASI further relapsed by 65bps at the end of the session. Cautious sentiment toward equities pinned down the main equities tracker throughout the five trading session of the week. Today’s weak performance was largely on account of losses in Stanbic (-7.83%), CAP (-9.09%),MTNN (-0.33%), Presco (-4.59%), Guaranty (-3.23%), Wapco (-3.17%), Flourmill (-1.57%) and Zenithbank (-1.42%) among others. On the flip side, Gain recorded in market heavy weight Buacement (+0.68%), Access (+2.59%), Oando (+2.78%) and Fidelitybnk (+1.90%)  proved insufficient to save the broad index.

Market turnover trimmed  to N4.2bn ($11.60 mln), buoyed by local interest  in Unilever ($1.6mln), and mixed interest in Guaranty($1.0mln). The NSEASI ytd return tapered to +7.64%. We expect the market to get some support in the next session.