July 8, 2019

Market Wrap 04/07/19

The lull in the Nigerian equities market persisted in today’s session as the ASI dipped by 0.26%. Investors’ sentiment remained weak as most sub-indices closed underwater save for Consumer good index and industrial index. Notable laggards includes Presco (-10.00%), Oando (-2.53%), Guaranty (-1.69%) and UBA (-0.82%). On the flip side, Cutix (+9.22%),Nascon (+4.92%), Dangsugar (+4.09%) and ETI (+4.00%) picked points in the session.

Turnover was meagre  N2.0bn ($5.7m) with crosses in Wapco ($1.5m),Guaranty ($0.68m), Zenithbank ($0.64m) and Dangcem($0.48m) involving mixed interests as the major blocks on the day. Ytd loss on the index has widened to -6.78%. Barring any catalyst to support demand, we expect the market to sustain the same trading pattern in the next session.