Market Wrap 07/05/19

The NSEASI declined by -34bps and was largely influenced by the lacklustre performance among the banks. Zenith (-1.67%) faltered into the close to lead the losers alongside UBN (-2.14%) and UBA (-1.49%). Market breadth was broadly negative due to the standoffish approach of buyers though sellers proceeded with care. Bids waned in NB (-0.08%) towards the close to pull back the consumers alongside collapse in Dangflour (-9.86%) and Dangsugar (-1.79%).

Turnover rose to N2.8bn ($7.9m) buoyed by offshore crosses in Guaranty ($0.9m) and Access ($0.4m). Ytd loss on the index widened to -7.43%. We expect the market to trade sideways next session.


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