Market Wrap 30/04/19

Month end selling activities among select bellwethers pulled the equities market index into the negative territory by -122bps. Weak buying in Dangcem (-3.23%) following its less impressive Q1 earnings persisted and was the biggest influencer on the day. Decline in Nestle (-1.94%) dominated the consumers’ performance of -0.67% notwithstanding Dangflour’s (+9.94%) continued rally. On the flip side, late gains in Zenith (+0.95%), UBA (+1.49%) and FBNH (0.69%) suppressed the impact of aggressive selling in Guaranty (-1.35%) among the banks whilst oil & gas majors – Seplat (+1.23%) and FO (+9.97%) advanced to taper some losses on the day.

Market turnover was impressive at N8.2bn ($22.6m) dominated by local crosses in CCNN ($5.1m) and offshore block trades in Unilever ($3.9m). Ytd loss on the index widened to -7.22%. We expect the market to firm up on renewed bargain hunting in the next session.


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