FY 2018 earnings released in Zenith (+5.63%) brought sunshine into the market, which was hitherto cloudy, by +67bps. Mixed initial reaction trailed the results that came in flat y/y as the market appeared unimpressed. However, aggressive local buying on proposed corporate action (circa. div yield of +10%) had a read across effect among its peers – Guaranty (+3.29%), UBA (+4.58%) and Access (+1.59%) though FBNH (-0.61%) declined. The consumers – Dangsugar (+4.12%) and Unilever (+0.46%) contributed to the positive performance whilst cement major – Dangcem (-0.41%) buckled on the selloff.
Turnover rose to N4.1bn ($11.4m), buoyed by offshore crosses in Guaranty ($1.4m) and Dangcem ($1.1m). Ytd gains on the index closed at +3.10%. We expect the market to trade sideways in the next session.