Market Wrap 27/05/19

The equities market index retreated on the back of sell-offs in MTNN (-7.14%) and Dangcem (-4.00%) which was in part, correction from last week’s gains. Trading activities appeared subdued across board which could be partly attributed to lesser participation from U.K and U.S interests due to public holidays in the two countries. The banks however posted decent performance spurred by rally in ETI (+9.45%) and upticks in Zenith (+1.05%) and Guaranty (+0.64%) whilst the consumers were largely influenced by gains in Unilever (+8.71%) and Dangflour (+3.11%).

Market turnover was unimpressive at N2.2bn ($6.1m), boosted by crosses in MTNN ($2.3m) out of which $1.4m of the trades was an off-market deal executed by local counterparts at N165/share. Ytd loss on the index widened to -3.92%. We expect the market to trade sideways in the next session.


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