July 18, 2019

Market Wrap 18/07/19

The bearish trend lingers as the All Share index dipped by -0.64% to settle below 28,000 points. Last minute sell- off in Seplat (-9.43%), coupled with  Intbrew (-10.00%) and NB (-1.96%) contributed the most to the southward movement recorded on  the broad market indicator. Other laggards in today’s session includes ETI (9-.05%), Berger (-10.00%), Stanbic (-1.28%) and MTNN (-0.78%).  On the flip side, Dangsugar (+9.22%)  eroded the loses recorded in preceding session, while Nestle (+0.40%), Conoil (+9.76%) , Dangflour (+1.14%) and Wapco (+0.39%) recorded some gains.

Turnover tapered to N2.1bn ($5.8m) and was buoyed by crosses in NB ($1.04m), Dangcem ($0.6m) Stanbic ($0.7m) and FBNH ($0.3m) with offshore interest . Ytd loss on the index widened to -11.35%. We expect the market to maintain the same trading pattern in the absence of incentives.