January 22, 2019

Market Wrap – 22nd of January 2019

The equities market posted a neutral performance of +0.01% on the day. Market activities remained muted for extended periods as the recent selling pressure waned in the banks.  Gains in Guaranty (+1.26%) and Zenith (+1.40%) driven by late surge in demand alongside pick up in Seplat (+1.89%) erased declines in NB (-1.23%) and UBA (-1.36%).

Market turnover fell to N2.44bn ($6.7m) boosted by offshore crosses in Guaranty ($1.65m). Ytd loss on the index stood at -2.21%. We expect the market to trade sideways in the next session.