Market Wrap – 4th of January 2019

The equities market continued its losing streak as the index declined by -43bps. Market breadth remained negative on the back of weak bargain hunting which is largely due to reduced PFA and foreign participation. The banks – Zenith (-4.41%), FBNH (-4.49%), Access (-5.69%), Diamond (-10.00%) all declined, though partly offset by gains in Guaranty (+1.67%) and Stanbic (+1.09%).

Market turnover however inched higher to N1.8bn ($4.9m) buoyed by block crosses in Zenith ($0.3m) involving locals. Ytd loss on the index widened to -2.52%. We expect that improved market participation post holidays, will provide firm support for the market in the next session.

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