Market Wrap – 29th of January 2019

The equities market dipped by -0.53% on the back of cautious buying and sustained supply in select counters. The market was in a lull mood for extended periods as foreign participation was curtailed whilst locals dominated the day. The banks – Zenith (-2.13%), Guaranty (-1.31%), Access (-4.72%), FBNH (0.66%) and UBA (-0.68%) led the decliners, closely followed by the consumers – NB (-2.38%), Dangflour (-3.23%) and Flourmill (-0.51%). On the flip side, PZ (+7.53%) and UBN (+0.81%) were among the few advancers.

Market turnover inched up to N1.9bn ($5.3m) boosted by mixed crosses in Redstarex ($0.3m) whilst foreign counterparts participated in NB ($0.3m). Ytd return loss on the index was extended to -0.80%. We expect the market to trade sideways in the next session.

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