Market wrap 19/09/19

The equities market closed marginally lower by 13bps due to the weakness observed among the banks; Guaranty (-1.85%), Zenith (-1.18%), Access (-3.25%) and UBA (-1.57%). However, gains in select consumers and conglomerates; Dangsugar (+7.65%); PZ (+9.30%) and others tapered the impact of the lacklustre performance of the lenders.

Activity level was tepid as indicated by an unimpressive turnover of N1.67bn ($4.6m) dominated by offshore crosses in Guaranty, FBNH; late rush in MTNN whilst locals were involved in Sterlnbank block trades. Ytd loss on the index widened to – 12.04% and we expect market sentiments to remain subdued in the next session.

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