May 17, 2019

Market Wrap 17/05/19

MTNN’s (+10.00%) rally continued post listing on the back of strong bids amidst scarce offers. This performance lifted the NSEASI (+1.53%) higher to mask the low market sentiments and selloffs across select counters. Guaranty (-1.29%) declined on weak demand alongside Access (-0.77%) among the banks though Zenith (+0.26%) inched up into the close.  Gains in Dangsugar (+0.37%) was offset by losses in Flourmill (-0.95%) and others among the consumers.

Turnover rose to N7.5bn ($20.9m) dominated by crosses in MTN ($14.55m). Ytd loss on the index stood at -8.14% however, wtd return stood at +0.08% spurred by MTNN’s performance. We expect the market to trade sideways in the next session.