February 5, 2019

Market Wrap – 5th of February 2019

The equities market inched higher by +9bps notwithstanding a decline in index heavyweight, Dangcem (-0.26%) which was offset by gains in the banks. Early block crosses involving offshore interests in Guaranty (+0.74%) set the tone for renewed buying, as the banks – Stanbic (+1.96%), FBNH (1.35%) and Access (+1.61%) advanced though Zenith (-0.66%) declined. NB (+0.13%) and NASCON (+2.29%) gained among the consumers whilst Dangsugar (-3.23%) and Nestle (-0.01%) retreated.

Market turnover rose to N2.9bn ($8.1m) dominated by offshore crosses in Guaranty ($3.9m) and Zenith ($0.5m). Ytd returns on the index shrunk to -2.09%. We expect the market to trade sideways in the next session.