May 21, 2019

Market Wrap 21/05/2019

The equities market index rose by +2.88%, due to sustained bargain hunting in telecoms giant – MTNN (+2.88%) and cement major – Dangcem (+3.93%). Renewed buying in Guaranty (+2.96%) provided firm support among the banks notwithstanding late retreat in Zenith (-0.76%) and decline in FBNH (-1.43%), Access (-1.64%) and UBA (-0.83%). The consumers succumbed to selling pressure in NB (-0.56%) which largely pulled back the sector index by -33bps.

Turnover rose impressively to N17.19 ($47.5m) and yet again dominated by crosses in MTNN ($39.5m) mostly involving locals. Ytd return on the index fell to -2.79%. We expect the market to maintain the same trading pattern.