Market wrap 22/08/19

The Nigerian equities market sustained its recent upward trend as the ASI finished stronger by 1.01%.  Impressive performance in NESTLE (+1.67%), ETI (+9.49%), and MTNN (+ 1.47%) buoyed the broad market index to close on a positive note at the end of day. Heavyweight Dangcem (+0.60%) appreciated while other gainers include NB (+1.20%), Guaranty (+1.89%), Access (+4.03%) and Cadbury (+3.33%). We noticed improvement in the general market sentiments as most of the sub-indices closed in the green region save for Oil & Gas that blot the trend .  However, notable laggards were: Okomuoil (-9.78%), Unilever (-3.23%), Flourmill (-0.72%) and Wapco (-0.36%).

Turnover improved marginally to N4.5bn ($12.49m) and was boosted by offshore related crosses in Zenithbank ($1.7m), Guaranty ($1.6m) and Nestle ($1.17m). Ytd return tapered to -12.09%. We expect the market to maintain the same trading pattern.

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