February 6, 2019

Market Wrap – 6th of February 2019

Late buying in Nestle (+2.82%) offset losses in index heavyweight, Dangcem (-0.79%) as the NSEASI closed +16bps higher. Post midday crosses in select counters among the banks and consumers lit up the hitherto lacklustre mood. Gains in Guaranty (+1.76%) alongside Zenith (+0.22%) dominated declines in Access (-1.59%) and FBNH (-0.67%). Also, Flourmill (+2.43%) advanced among the consumers whilst Intbrew (-0.83%) declined on late crosses.

Market turnover rose to N4.8bn ($13.3m) boosted by offshore crosses in Zenith ($2.1m), Unilever ($1.7m) and Guaranty ($1.1m) whilst FBNH ($1.44m) involved mixed interests. Ytd returns on the index shrunk to -1.94%. We expect the market to continue its current trading pattern.