Market Wrap – 7th of December 2018

The equities market inched marginally higher by +15bps to end today’s lacklustre session in positive territory. Market breadth was negative with key advances on the day led by Nestle (+4.66%) on tiny volumes; Access (+2.05%) and Zenith (+0.21%). On the flip side, cement major Dangcem (0.54%) faltered with other banks – UBA (-3.85%), ETI (-3.13%), Stanbic (-1.06%), FBNH (-0.65%) and Guaranty (-0.29%)

Market turnover was unimpressive at N1.6bn ($4.3m), though boosted by block cross in NB ($0.3m) involving offshore counterparts whilst Oando ($0.83m) and Stanbic ($0.24m) were crossed into the close by locals and foreign interests respectively. Ytd loss on the index closed at -19.29%. We expect the market to trade sideways in the next session.

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