October 10, 2019

Market wrap 10/10/2019

The Nigerian equities market retreated for the fourth consecutive time this week as the All share index closed down by 0.06%. This was underpinned by loses in selected tickers in the banking space; sustained sell pressure in ETI (-2.63%), and weakness in UBA (-1.67%) and Fidelity (-1.21%). Other laggards were Custodian (-5.83%), Honyflour (-5.00%) and Flourmill (-1.67%). Although market breadth closed in the negative region notable gainers include FBNH (+0.95%), Guaranty (+ 0.19%) and Dangflour (+0.23%).

Market turnover was very impressive at N19.01bn ($52.3m), boosted by crosses in Dangcem ($44.91mln) with mixed interest and an off shore block trades in Access  ($1.7mln).  The NSEASI ytd return dipped further  to -15.43%. We expect the market to maintain this trading pattern in the next session.