Market Wrap 13/05/19

Red was the colour in equities market today as the domestic market reeled under the ripple effect of recent global markets’ weakness following the latest escalation of the US-China trade wars. The NSEASI shed -1.26% and closed at 28,484.44  following a session that witnessed widespread selling across most sectors. The Banks were most affected (NSEBNK-2.80%) as heavyweights Zenith (-1.50%); Guaranty(-3.13%),  UBA(-7.69%); Access(-5.63%) among others, plunged to record lows amid the panic offer glut from mixed interests. Top brewers Guinness (-2.91%); NB(-0.46%) alongside Mobil(-4.62%) and Dangcem(-0.28%) from the energy and cement spaces also led other decliners among the non-financials. Only a few bucked the trend –Okomu(+10.00%) ahead of dividend mark-down; FBNH(+3.45%) on  low liquidity and UACN(+0.72%) on cross trades. Nestle was also marked down for its FY 2018 dividend of N38.50, though stock traded lightly post the adjustment.


Turnover remained low at N2.8bn ($7.7m), boosted by crosses involving offshore interests in Guaranty ($2.8m), UACN ($0.3m)and Guinness ($0.51m). The ytd loss on the index further  widened to -9.37%. We expect the market to gradually find support from bargain hunting activities in the coming sessions.


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