Market Wrap – 14th of January 2019

The equities market inched up by +45bps, driven by gains in cement major – Dangcem (+1.69%) which recovered from its early session loss on book overs. The day’s trading session was cut short to about 2hours due to a technical glitch that kept market participants at bay for a few hours after market open. Also, gains in FBNH (+1.35%), UBA (0.68%) and Diamond (+3.96%) were offset by losses in Zenith (-0.23%) and Sterling (-0.51%) to give the banks a neutral performance.

Market turnover was unimpressive at N1.1bn ($3m) boosted by offshore crosses in Guinness ($0.30m), Guaranty ($0.23m) and Access ($0.15m). Ytd loss on the index shrunk to -4.66%. We expect the market to trade in a similar pattern in the next session.

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