July 10, 2019

Market Wrap 10/07/19

The Nigeria equities market closed lower by 21bps as negative sentiment towards equities persisted. Despite recovery in the banking space in the likes of Guaranty (+3.75%), UBN (+9.49%) and ETI (+4.21),  Airtelafri (-9.99%),  FO (-10.00%), Wapco (-1.09%) and heavy weight Dangcem (-0.69%) eroded the stride .  Other laggards today includes Conoil (-9.93%),PZ (-0.77%) and UACN (-0.83%) which finished the day in the red. On the flipside, the session witnessed  last minute spike in MTNN(+3.06%), while Unilever (+3.13%), Access (+2.27%) and Dangsugar (+0.47%) ticked upwards.

Turnover  increased marginally to N3.72bn ($10.32m) dominated by block trades in Zenithbank ($1.9m), MTNN ($1.3m),Guaranty ($0.56m) and FBNH($0.25m) which involved mixed interests. Ytd returns on the index dipped further to -6.92%. We expect the market to maintain the same trading pattern next session.