June 11, 2019

Market Wrap 11/06/19

The equities  market remained in the negative territory today, posting a 73bps decline from weakness in some large caps. Dangcem (-2.12%) was a major drag, alongside energy and brewery majors Mobil (-3.82%) and NB (-1.72%), whilst MTNN(-0.74%) was also actively traded, though at lower levels. Unilever(+8.22%) however ticked higher on a small cross. The banks were also weak with declines in UBA (-1.59%) and Zenith (-0.49%) offsetting gains in Access (+1.59%).

 

Market turnover was stable at N3.5bn ($9.7m) and was dominated by mixed interest related crosses in MTNN($3.3m); offshore in NB ($1.9m) and Access($0.3m) and locals in Zenith ($1m). Ytd loss on the index widened to -4.23%. We expect the market to firm up during the next trading session.