Market Wrap – 1st of March 2019

The equities market recouped some of its recent losses as the NSEASI rose by +34bps. Although market participants proceeded cautiously, sentiments improved across board as all sector indices improved except the insurance index. Today’s recovery was spearheaded by the gains in market titans – Dangcem (+0.67%), Nestle (+2.72%) and NB (+0.63%) alongside the banks – Access (+3.51%), UBA (+2.01%), Guaranty (+0.42%), FBNH (+1.31%) and Zenith (+0.21%). Oil & gas major – Total (+5.26%) also advanced. Nonetheless, consumer majors – Unilever (-5.61%) and Intbrew (-4.76%) succumbed to sell pressure.

Turnover fell to N3.5bn ($9.7m), dominated by mixed crosses in Zenith ($1.7m). Ytd gains on the index rose to +1.26% whilst a loss of -2.12% was recorded this week. We expect the market to firm up on additional corporate earnings releases next week.

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