The equities market posted a flat performance of +0.01% on the first trading session post holidays. Market activity was muted for extended periods intraday, save for few crosses which were far between. However, buying into the close in heavyweight – Dangcem (+1.06%) salvaged sufficient points to neutralise intraday losses. Guaranty (-2.01%) succumbed to selling pressure which offset gains in FBNH (+4.58%) and UBA (+3.01%) among the banks. Unilever (-8.82%) continued its decline post its Q1 2019 earnings declaration whilst Dangflour (+9.81%) rallied upon the announcement of a binding take-over offer with Olam International Limited. Also, Guinness (-8.82%) and NB (-1.54%) retreated among the consumers.
Market turnover rose to N3.6bn ($10.1m) dominated by late offshore crosses in Unilever ($3.4m). Ytd loss on the index stood at to -4.27%. We expect the market to trade sideways in the next session.
Extension: 3137, 3135, 3125 or 3133
Kind regards,
FBNQuest Securities
