Market Wrap – 3rd of December 2018

The equities market slumped by -0.24% on the back of persistent selling in index heavyweight, Dangcem (-1.02%) alongside NB (-2.66%). Notwithstanding, market breadth improved on renewed bargain hunting in select counters most notably in Seplat (+4.16%) though on thin volumes and the banks – Zenith (+1.72%), FBNH (+4.23), Guaranty (+0.87%) however, Access (-3.23%) retreated alongside Stanbic (-4.06%).

Market turnover slightly inched up to N2.7bn ($7.4m) buoyed mainly by offshore crosses Dangcem ($0.9m) Guaranty ($0.9m) and Zenith ($0.9m). The Ytd loss on the index was extended to -19.27%. We expect the market to trade sideways in the next session.

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