Market wrap 26/08/2019

The NSEASI(-0.39%) today a pause from its three-day consecutive positive run, weighed down mainly by weakness in the energy space. Energy majors Seplat (-10.00%), FO (-10.00%) and Oando (-7.41%) all took a plunge on the day, amid weak demand in that space. The banks also showed some slowdown intra-day from profit taking although, gains in FBNH(+1.00%), Zenith (+0.54%), Guaranty(+0.36%) slightly muted declines in FCMB(-5.29%), ETI(-4.38%) and Access(-0.75%). Other non-financials were also mixed as Flourmill(+3.25%) rose on light volumes versus pullbacks in UACN(-3.74%) and NB (-0.39%), whilst Dangcem(+0.30%) posted a late gain from the cement space.

Activities levels were low as a UK Bank holiday today also took a toll. Market Turnover was consequently low at N2.3bln ($6.4m) though boosted by offshore crosses in Nestle ($1.1m) , Guaranty ($0.4m); Dangcem ($0.3mln),and by locals in Zenithbank( $0.7m). Ytd return moderated to -11.89%. We expect the market to trade sideways in the next session.


Our site uses cookies to enhance your experience. By continuing to browse, you agree to our Privacy Policy