August 7, 2019

Market wrap 07/08/19

The equities market continued its downward streak as the ASI dipped by 42bps at the close of today’s session. Sustained negative sentiment towards risky-assets prompted sell pressure in bellwethers as all sector indices closed underwater save for Oil & gas index. Last minute dip in  Dangcem (-1.79%) on weak demand and sell- off in Zenithbank (-1.39%) pressured the major equities indicator to finished on a negative note. Meanwhile MTNN (+0.23%) rose as investors took position ahead of the interim dividend, while Dangflour (+1.74%),Access (+1.61%) and CCNN (+0.74%) also closed higher.

Turnover was meagre at N1.18bn ($3.2m) and was buoyed by crosses in MTNN ($0.18m), FBNH ($0.31m) by offshore interests. Ytd returns on the index stood at -12.84%. We expect the market to trade sideways in the next session.