July 11, 2019

Market wrap 11/07/2019

Stumbling among the index titans; Dangcem (-0.29%), MTNN (-2.26%) and Nestle (-4.83%) contributed immensely to the pullback of the NSEASI (-1.86%) though new listing Airtel (-9.99%) had the biggest negative influence on the day. All industrial sub-indices declined except the banks, which rose on renewed buying in Guaranty (+3.27%) as the market index attained a 4-week low amidst persistent weak market sentiments. Gains in NB (+0.83%) masked the extent of losses in other consumer goods stocks.

Turnover fell to N3.17bn ($8.7m) and was buoyed by offshore crosses in Nestle ($0.85m) and Zenith ($0.78m). Ytd loss on the index widened to -8.65%. We expect the market to find support at current levels during the next trading session