Market Wrap – 31st of January 2019

Post midday sell-off in UBA (-6.21%) triggered the day’s decline in the banks – ETI (-6.67%), Stanbic (-3.83%), Guaranty (-1.62%) and Zenith (-2.17%) which led the NSEASI into the negative territory by -189bps. Market sentiments appeared gloomy on cautious buying and sustained selling which was compounded by month end activities across the board. Cement major, Dangcem (-2.06%) led the losers, accompanied by the consumers – NB (-5.13%) and Flourmill (-2.37%). On the flipside, UBN (+0.81%), Sterling (+1.70%) and FCMB (+1.55%) were among the few gainers on the day


Market turnover inched higher to N3.5bn ($9.6m) boosted by block crosses UBA ($1.3m), Zenith ($1.2m) and NB ($1.0m) involving offshore interests. Ytd and mtd returns on the index stood at -2.78%. We expect the market to trade sideways in the next session.

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