July 8, 2019

Market Wrap 05/07/19

It was another quiet trading session as the NSEASI closed down by -0.10%. Most market heavy weight closed flattish, as Guaranty (-1.69%), UBN (-2.14%), and  FBNH (-1.56%) were the most influential laggards.

Conoil (+9.93%) on the back of resumption of trading activity on the counter having being  suspended for late filing of their financial report, whilst Oando (+3.90%) to close higher. Decline in Honyflour (-1.90%) and NB (-0.17) was offset by gains in the Cadbury (+2.33%), and Dangsugar (+0.44%) in the consumers goods space.  Gains in Wapco (+1.11%)and CCNN (+1.67%) as the duo sustained recent upward trend.

Turnover still thin at N1.83bn ($5.05m) was dominated by block trades in Zenithbank ($1.2m), MTNN ($0.86m) and FBNH($0.61m) which involved mixed interests. Ytd returns on the index shrunk to -6.87% whilst wtd return stood at -2.32%. We expect the market to maintain the same trading pattern next week.