July 15, 2019

Market Wrap 15/07/19

Dangcem (-1.73%) stumbled alongside co-index heavyweight MTNN (-0.50%) to pull the index 0.79% lower. Sentiments remained weak on low investor confidence as the recent trend of negative market trend persisted. The banks were the biggest losers on the day, led by Guaranty (-3.01%), Zenith (-1.05%), FBNH (-2.50%) and Access (-1.49%). Lafarge (-1.10%) also retreated among the industrial goods whilst bargain hunting in NB (+0.86%) and Nestle (+0.24%) was sufficient to offset slump in Dangsugar (-2.36%) among the consumers.

Turnover rose marginally to N2.1bn ($5.9m) buoyed by offshore crosses in Nestle ($0.9m) and Guaranty ($0.4m). Ytd loss on the index widened to -9.83%. We expect the market to trade sideways in the coming session.