Market wrap 31/07/2019

It was another day of decline on the equities market as the ASI depreciated by 37bps. The downward trend was largely due to pressure on the Consumers goods space – Nestle (-2.27%), NB (-9.09%) and Dangsugar (-9.26%). Other names that followed same pattern includes Berger (-9.52%), Nascon (-3.32%), Conoil (-2.72%) and Wapco (-0.68%). On the contrary, Jberger (+9.87%) topped the gainers chat, while FO (+9.17%) recovered from early weakness. Other gainers include Access (+3.97%), UBA (+3.45%), CCNN (+2.93%) and FBNH (+2.70%).

Turnover improved to N4.1bn ($11.4m) and was boosted by crosses in Dangcem ($0.9m),Guaranty ($0.9m) Zenithbank ($0.7m) and Wapco ($0.3m) shares involving mixed interests. Meanwhile the equities market plummeted by 7.5% in the month of July and recorded Ytd loss of -11.81%. We expect the market to maintain the same trading pattern in the absence of incentives.

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