August 14, 2019

Market wrap 14/08/2019

Bearish stance lingered in the equities market as the ASI dipped 0.82% in today’s session. MTNN (-1.34%) stumbled alongside  Total (-7.84%) and UACN (-10.00%) which contributed the most to the lukewarm performance in the broad indicator. Sentiments remained weak towards the banks as Guaranty (-2.08%), Zenith (-0.92%), FBNH (-6.06%) and ETI (-3.45%) slipped. CCNN (-5.36%) and Lafarge (-2.67%) also retreated in the industrial goods whilst flourmill (-8.50%) and Dangsugar (-3.54%) were not spared.

Market turnover was N3.3bn ($9.0m) buoyed by offshore crosses in Dangcem ($0.6m) and Guaranty ($1.15m). Ytd loss on the index widened to -13.83%. We expect the market to trade sideways in the coming session.