April 9, 2019

Market Wrap – 9th of April 2019

Gains in Stanbic (+6.48%) on its intraday crosses alongside buying of small volumes into the close in UBA (+2.50%) salvaged vital points from the early session dip as the NSEASI declined marginally by -4bps. Market sentiment was lukewarm as sellers proceeded in a less aggressive manner whilst buyers took advantage of lower prices. Retraction in Dangcem (-0.27%) led the decliners together with negative movement in select banks – ETI (-6.67%), Fidelity (-4.6%) and Zenith (-0.25%). However, Guaranty (0.00%) displayed late resilience post dividend mark down whilst NB (+0.33%) rose on sustained demand.

Market turnover fell to N3.1bn ($8.5m), boosted by offshore crosses in Stanbic ($0.9m) and Guaranty ($4.2m) whilst locals exchanged Sterlnbank ($0.7m). Ytd loss on the index stood at -7.26%. We expect the market to trade sideways next session.