Market Wrap – 16th of January 2019

Late bargain hunting in market heavyweight, Dangcem (+4.44%) lifted the market index by +1.07% notwithstanding selloffs in the banks – Guaranty (-2.69%) and FBNH (-2.00%) though UBA (+2.05%) advanced whilst Access and Zenith remained neutral. Market sentiments improved intraday after the initial anxiety surrounding possible selloffs in EMs due to the news on the rejection of the British PM’s Brexit deal by the parliament. Also, Guinness (+9.65%) and Nascon (+3.33%) advanced whilst Intbrew (-2.42%) declined among the consumers.

Market turnover fell to N2.1bn ($5.8m) boosted by offshore crosses in Diamond ($0.6m) and Guaranty ($0.3m). Ytd loss on the index contracted to -3.09%. We expect the market to ride on its current momentum in the next session.

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