July 23, 2019

Market Wrap 22/07/19

The equities market closed a lacklustre session with the All share index closing down by -0.40%. Gains in Nestle, UBA was offset by declines in MTN Nigeria which closed @ N126; NB @ 56.10 and Guaranty at N29.05.. Though activities were tilted towards foreign investors, Investors apathy towards risk asset is still strong as many continue to stay on the side-lines

Turnover of N2.2b ($6.2m) was largely driven by activities in 5 counter: Guaranty; Dangcem; Zenith; Nestle and UBA.  These 5 names accounted for 66% of today’s turnover. MPR meeting is on-going and decisions to be reached will be known tomorrow. We however, do not think any decisions taken at the meeting will by itself be sufficient a catalyst to change the current stance in the equities market