February 11, 2019

Market Wrap – 11th of February 2019

The ASI started the week 80bps positive amidst persistent buying across the board. The banking subsector recorded the biggest gain  at +1.90%, with notable gainers including Access(+5.26%), UBA(+4.58%) and Zenith(+2.25%), whilst Unilever (+5.41%) and PZ(+3.70%) were also up among the consumers and offset declines in Total (-7.20%) and Dangcem (-0.27%). Turnover was decent at N5.6b ($15.6m),  though 52% below last Friday’s value.

Activities were tilted towards internationals on most names except for Dangote Cement which was local. The recent buy might not be uncorrelated with some sort of comfort in the potential results of the polls as well as earnings expectations. We noticed a few PFAs; prop traders and retailer in the mix, though nothing aggressive. Crosses included: Zenith bank -$1.2m(Intls) ; Guaranty -$0.7m(Intls); Dangcem-$1.6m (locals); Access-$1.6m (intls). There were still sellers in most names into the close and as such we expect the upward trend to be moderate in coming sessions.