Market Wrap – 21st of December 2018

The equities market remained flat as the index posted a return of -9bps mainly on backtracking in index heavyweight, Dangcem (-1.58%). Oil & gas major, Seplat (-1.43%) also declined with select banks – Access (-4.73%), which continued to attract negative sentiments on the back of its recent conference call and Guaranty (-2.59%). On the flip side, bargain hunting in consumers – Nestle (+0.69%), NB (+2.56%) together with gains UBA (+4.67%), FBNH (+3.95%), Zenith (+0.67%) and Diamond (+9.49%) which continued its recently post-merger announcement rally, masked the impact of the losers.Market turnover fell to N3.7bn ($10.03m), buoyed by mainly offshore crosses in Guaranty ($1.2m) whilst Nestle ($1.4m) involved mixed interests. The index appreciated by 0.33% this week whilst ytd loss on the index increased to -19.53%. We expect the market to trade sideways in the next session.

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