Market Wrap – 25th of July 2019

The equities market moved higher by +1.41% due to a late surge in demand across board. Increased bargain hunting in the big banks – Zenith (+3.84%), Guaranty (+2.68%), UBA (+6.21%) Access (+8.33%) and FBNH (0.66%) early in the session set the tone in which the market activated its blockbuster mood after midday. Subsequently, tier 2 banks – FCMB (9.69%), Fidelity (9.17%) and Sterlnbank (4.63%) rallied due to late aggressive buying which involved local interests. Notwithstanding, Dangcem (+1.04%) remained the biggest influence on the day’s gains. On the flip side, the consumers – Unilever (-1.22%) and Flourmills (-0.51%) retreated

Market turnover inched up to N3.1bn ($8.6m) dominated by offshore crosses in Guaranty ($1.1m) alongside block trades in Zenith ($1m). Ytd return on the index closed at -0.01%. We expect the market to trade sideways in the next session

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