Market Wrap – 12th of March 2019

The NSEASI declined on the second trading day of the week by -1.02%. Market breadth was largely negative all day and this lacklustre performance was driven by weak demand across several counters amidst sustained selling. The banks – Guaranty (-4.83%), Zenith (-0.88%) and Access (-0.83%) suffered the biggest sectoral loss on the day, closely followed by Intbrew’s (-9.93%) uninspiring domination in the consumers. However, a retraction in Dangcem (-0.51%) was offset by gains in Lafarge (+4.00%) among the industrial goods.

Market turnover rose to N2.9bn ($8.1m), led by offshore crosses in Zenith ($2.3m). Also, offshore blocks were recorded in Dangcem ($0.9m) whilst FBNH ($0.9m) involved mixed interests. Ytd return on the index turned negative (-0.37%) as a result of today’s uninspiring performance. We expect the market to trade sideways in the next session.

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