August 5, 2019

Market Wrap 05/08/2019

The Nigerian equities market commenced the week on a positive note as the ASI appreciated by 15bps despite lukewarm activity.  Gains in telecommunication giant MTNN (+0.98%), coupled with  Dangflour (+10.00%) and CCNN (+5.26%) supported the broad index the most  to close in the green region. Meanwhile the banking index closed underwater on account of ETI (-10.00%) FBNH (-3.57%) and FCMB (-3.58%) losses.

Turnover trimmed to N1.4bn ($3.9m) with trades on  Sterling Bank ($1.17m) involving local interest as the major block on the day. Ytd loss on the index moderated to -11.94%. We expect the market to maintain the same trading pattern in the next session.