Market Wrap 26/04/2019

Activity level was subdued due to  weaker sentiments as market influencers’ appeared distant from proceedings. Guaranty (-0.87%), Access (-4.35%) and Zenith (-0.47%) all declined among the banks to lead the index -60bps lower.  FBNH (-8.23%) closed in the red zone upon release of its Q1 earnings alongside Okomu (-10.00%).  The dip in Dangcem (-0.59%) on the back of selling pressure also contributed to the day’s abysmal performance notwithstanding Dangflour’s (+9.89%) continued run of gains and renewed bargain hunting in Oando (+9.28%) on its Q1 numbers.

Turnover was unimpressive at N1.5bn ($4.3m) boosted by local crosses in UBA ($0.4m) and Zenith ($0.2m). Ytd loss on the index widened to -5.38% whilst wtd performance stood at -1.15%. We expect the market to trade sideways next week


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