July 16, 2019

Market Wrap 16/07/19

Positive move in Nestle (+1.79%) and Dangcem (+1.72%) could not salvage the NSEASI (-0.49%) from further slump as the market breadth turned negative yet again. The recent trend of losses continued on the day as participants remained distant towards the market across many names. MTNN (-0.78%) had the biggest influence among the losers and was trailed by aversion in CCNN (-10.00%) which was sold to its limit low on the day. The banks were unable to hold their own notwithstanding grounds gained by Guaranty (+1.72%) on renewed buying which was offset by decline in UBN (-8.67%), FBNH (-4.27%), Access (-3.03%), Stanbic (-1.25%) and Zenith (-0.27%). NB (+0.85%) rose into the close to provide additional support to the consumers’ index.

Turnover was meagre at N1.8bn ($5.0m) and was dominated by mixed interest crosses in Stanbic ($0.9m) and offshore blocks trades in FBNH ($0.5m). Ytd loss on the index closed at a double digits return of -10.28%. We expect the market to trade sideways in the next session.