March 11, 2019

Market Wrap – 11th of March 2019

Trading activities resumed the week on a sluggish note as the NSEASI declined by -0.90%. Weak sentiments from last week persisted as bargain hunters proceeded with caution. Markdown in Zenith (-8.82%) for dividend payment was largely responsible for the blip in the index. Also, Nestle (-1.99%) declined on intraday crosses among the consumers alongside Intbrew (-1.11%) and Dangflour (-1.44%). On the flipside, FBNH (+1.23%) advanced on renewed buying activities whilst late surge in Nascon (+8.50%) and gains in Cadbury (+10.00%) masked some of the losses recorded among the consumers

Market turnover remained flat at N2.4bn ($6.6m), buoyed by offshore crosses in Nestle ($1.3m) and Dangcem ($0.7m) whilst FBNH ($0.6m) involved mixed interests. Ytd gain on the index shrunk to +0.66%. We expect the market to trade sideways in the next session.