Market Wrap – 27th of February 2019

The equities market dipped by -71bps which was largely driven domestic selling whilst foreign participation appeared subdued post presidential election announcement. The market opened with mixed feelings early in the day as participants proceeded with caution. However, aggressive selling by retail investors in the banks triggered sell-offs across board. The banks – Zenith (-3.49%), Access (-4.00%), FBNH (-2.50%), UBA (-2.50%) and Guaranty (-0.52%) led the losers alongside the consumers – Unilever (-4.65%), Nestle (-0.66%) and Dangsugar (-2.60%). In a rare move on the day, Jberger (+4.51%) gained on its midday crosses together with UBN (+4.51%) .

Market turnover rose marginally to N2.7bn ($7.4m) boosted by block crosses in Diamondb ($1.1m) involving mixed interests whilst locals participated in Jberger ($0.4m) block trades. Ytd gains on the index tanked to +2.59%. We expect the market to find trade sideways in the coming session.

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