July 8, 2019

Market Wrap 08/07/2019

Late rush in MTNN (+0.35%) alongside uptick in Flourmill (+10.00%) due to an early session cross on tiny volumes, saved the day as the NSEASI closed +7bps higher. Bid depth remained weak, aftermath of last week’s selling among the banks. Guaranty (-0.52%) continued to falter at record lows whilst Zenith (-0.78%) was unable to hold its own on the day. Access (+0.75%), UBA (+0.83%) and Fidelity (+3.12%) advanced to mask the decline among the 2 biggest banks by market capitalisation. FO continued its downward trend amidst uncertainties post divestment of its erstwhile chairman as the stock closed -10.00% lower whilst NB (-0.66%) declined among the consumers.

Market turnover remained thin at N2.3bn ($6.2m) and was dominated by local crosses in MTNN ($2.3m). Offshore interests were involved in Guaranty ($0.6m) crosses. Ytd return on the index stood at -6.80%. We expect the market to trade sideways in the next session.