Market Wrap 02/05/2019

The NSEASI posted a fairly neutral performance of +4bps as renewed bargain hunting in select bellwethers – Dangcem (0.00%) and Guaranty (0.00%) provided a firm support against post month end selling pressure. Gains in NB (+1.15%) was driven by increased foreign demand whilst Transcorp (9.91%) rallied on news surrounding its selection as the preferred bidder of 100% stake in Afam Genco. Guinness (+2.88%) rose alongside other consumer major – Dangsugar (1.08%) whilst  Dangflour (+0.80%) slowed down on its recent rally run. On the flip side, UBA (-2.21%) collapsed late in the day to taper influence of the gainers alongside its peers – Zenith (-0.47%), ETI (-1.44%) and Access (-0.72%). Presco (-7.57%) stumbled on tiny volumes together with PZ (-2.19%) and Nascon (-0.83%) to curtail the impact of gainers among the consumers.

Turnover fell to N2.8bn ($7.8m) boosted by offshore crosses in Guaranty ($0.7m). Ytd loss on the index stood at -7.19%. We expect the market to find support at current levels in the next session.


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