August 16, 2019

Market wrap 16/08/19

It was another day of decline in the equities market as the ASI depreciated by 47bps to close below 27,000 points. The downward trend was largely due to pressure on the Consumers goods space as Nestle (-10.00%), Nascon (-10.00%) and Unilever (-3.13%) slipped. Other names that followed same pattern includes Okomuoil (-5.77%), ETI (-4.76%), Oando (-6.94%) and Stanbic (-3.79%). On the contrary, heavy weight Dangcem (+1.23%) recovered on last minute spike, Bocgas (+9.87%) on tiny volume to top  the gainers chat. Other gainers include Fcmb (+9.59%), Flourmill (+7.81%), Zenithbank (+2.15%) and Guaranty (+0.98%).

Turnover improved to N3.53bn ($9.6m) and was boosted by crosses in Dangcem ($0.4m) and Guaranty ($1.2m) by mixed interests.  Ytd return plummeted to -14.33%. We expect the market to maintain the same trading pattern in the absence of incentives.