September 10, 2019

Market wrap 09/09/19

The story was largely unchanged as trading activities resumed for the new week with the index slipping by -0.21% to 27,089.84 as investor apathy persisted.  The market opened to early crosses in Guaranty, but then succumbed to sideways trading except in few counters with some positive  investor sentiments. Top on the list were UACN(+9.09%) still on euphoria surrounding its recent restructuring announcement; Seplat (+7.12%) and  PZ(+5.36%) on thin volumes; and also the banks FBNH(+6.90%) and Guaranty (+1.34%) post cross rally; ETI(+2.80%) was also positive on sustained local demand. These gains were however outweighed by pullbacks in consumer heavyweight Nestle(-5.73%) on low demand, alongside weakness in Oando(-4.63%), Access(-1.45%) and FCMB(-1.27%).

Market turnover stood at N4.3bn ($11.7m) and was mainly boosted by offshore related block trades in Guaranty($9.1m)and mixed interests in FBNH ($0.4m). The Ytd loss on the index widened to -13.81%. We expect the market to trade mainly sideways in the coming session