May 14, 2019

Market Wrap 14/05/19

The NSEASI closed at -19bps lower as late retreat in Nestle (-3.48%) due to crosses pulled back the market index which was hitherto slightly positive. However, market sentiments improved relative to the previous session due to controlled selling pressure. The banks gained on renewed bargain hunting in Guaranty (+1.94%), Zenith (1.52%), UBA (+2.50%) and Access (+1.49%) though FBNH (-3.33%) and ETI (-1.45%) buckled. Okomu (-3.90%) declined on its dividend mark down and Dangsugar (-1.45%) succumbed to selling among the consumers. Also, gains in 11 Plc (+5.45%) and Oando (+1.08%) offset losses in Seplat (-0.38%) among the oil & gas.

Turnover fell to N2.7bn ($7.5m), buoyed by crosses involving offshore counterparts in Guaranty ($0.81m) and Zenith ($0.47m). The ytd loss on the index extended to -9.55%. We expect the market to firm up on renewed bargain hunting activities in the coming sessions.