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.

 

Our site uses cookies to enhance your experience. By continuing to browse, you agree to our Privacy Policy