Market Wrap – 21st of February 2019

The NSEASI succumbed to late selling pressure across select counters by -14bps as anxiety mounts ahead of Saturday’s general election. The market mood appeared dampened with fewer bargain hunting moves and standoffish selling for extended periods during the day. Marginal gains in Dangcem (+0.31%), ETI (-+1.80%) and FBNH (+1.22%) were insufficient to provide respite to retraction in Intbrew (-9.48%) and Zenith (-1.94%).

Market turnover was unimpressive at N2.2bn ($6.18m), buoyed by offshore crosses in Zenith ($0.47m) and Guaranty ($0.45m). Ytd gains on the index declined to +3.62%. We expect the market to trade in the same pattern next session.

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