January 23, 2019

Market Wrap – 23rd of January 2018

The equities market inched higher by +46bps on the back of bargain hunting in select counters. The banks – Guaranty (+2.80%), Zenith (+0.92%), Stanbic (+1.06%) and Access (+0.89%) led other gainers on the day as market breadth closed positive. However, the consumers – NB, Nestle, Intbrew, Flourmills and Guinness were neutral and thinly traded alongside cement major, Dangcem. On the flip side, UACN (-4.49%), FO (-1.67%) and WAPCO retreated on the day.

Market turnover rose to N3bn ($8.2m) buoyed by offshore crosses in Access ($2.2m) Zenith ($0.5m) and Guaranty ($0.5m). Ytd loss on the index contracted to -1.76%. We expect the market to trade sideways in the next session.