August 2, 2019

Market wrap 02/08/19

The equities market continued its downward streak  as indicated by another decline in the NSEASI which dipped 43bps at the close of the session. The lull in the market remained conspicuous as investors continued to stay on side-line; barring the block trade in MTNN the session’s activity was meagre.  Last minute dip in  MTNN (-1.59%) pressured the major equity indicator while Conoil (-5.56%), Dangflour (-4.64%) and Access (-3.13%) finished on a negative note. Meanwhile market breath closed on a neutral note as Berger (+ 9.60%), FO (7.76%), Oando (+5.41%)  and Guaranty (+0.36%) finished stronger

Turnover improved to N4.8bn ($13.3m) and was buoyed by cross in MTNN ($8.4m) with local interest. Ytd returns on the index stood at -12.09%. We expect the market to trade sideways in the next session.