March 14, 2019

Market Wrap – 14th of March 2019

The NSEASI dipped by -47bps on the back of sustained selling in select bellwether stocks as buyers proceeded with caution. Market breadth remained negative due to persisting weak sentiments towards equities in recent times. Dangcem (-1.04%) led the losers alongside the banks – Guaranty (-0.84%), Zenith (-0.89%), FBNH (-1.20%) and Access (-0.83%). A decline in Nestle (-0.32%) on its midday cross was offset by gains in Dangflour (+8.42%) among the consumers.

Market turnover inched higher to N2.6bn ($7.1m), boosted by offshore crosses in Zenith ($4.3m). Ytd loss on the index shrunk to -0.69%. We expect the market to trade sideways in the next session.