Market Wrap – 20th of February 2019

Late rally in NB (+10.00%) propelled the NSEASI by +64bps. The market continued to ride on its momentum due to Zenith (+1.78%) earnings released yesterday, alongside positive expectations in other banks – Guaranty (+0.80%) and FBNH (+1.23%). However, UBA (-0.63%) and Access (-0.78%) buckled under selling pressure, together with a marginal decline in other index heavyweights – Nestle (-1.25%) and Dangcem (-0.05%) which tapered some of the day’s gains.

Market turnover rose to N5.6bn ($15.53m), dominated by local crosses in Nestle ($2.2m) and Sterlnbank ($0.7m) whilst Guaranty ($1.4m) involved offshore interests. Ytd gains on the index grew to +3.77%. We expect the market to trade sideways in the next session.

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