Market Wrap – 13th of February 2019

The ASI buckled 15bps as profit-taking commenced in Oil & Gas (-2.24%) and Banking (-1.79%) counters even as market heavyweight Dangcem(+0.37%) and some consumer names continue to enjoy some support.

Turnover of $11.6m was 47% lower than previous day with block trades by mixed interests in Zenith ($0.4m); Dangote Cement ($1.1m) and general activities in Guaranty ($1.4m), dominating the value chat.  Activities were a 60/40 split in favour of internationals as locals joined in the profit-taking spree. There is still a glut of offers about, so we expect to see the profit taking continue tomorrow.

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