Market Wrap 23/05/19

The equities market index rose by +1.07% on the back of bargain hunting in select bellwethers. Nestle (+3.41%) witnessed renewed bargain hunting whilst MTN (+2.87%) slowed down on its consecutive daily maximum gains for the first time post listing. Aggressive buying in Dangcem (+0.99%) late in the session propelled the stock higher from its intraday slump whilst Guaranty (+1.80%) and FBNH (+0.72%) also inched higher. On the flip side, he banks posted a lacklustre performance dominated by selloffs in Zenith (-1.05%), Sterlnbank (-8.30%), UBN (-1.41%) and Access (-1.68%). In same manner, Flourmills (-7.10%) and Nascon (-5.29%) succumbed to selling pressure among the consumers.

Turnover declined to N8.7bn ($24.1m), dominated crosses in MTNN ($3.9m) which involved locals. Ytd return on the index returned positive at +0.15%. We expect the market to trade sideways in the next session.


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