June 27, 2019

Market Wrap 27/06/2019

Last minute spike in Seplat (+6.00%), Nestle (+3.70%) beside impressive performance in CCNN (+10.00%) gave the ASI the biggest boost as the equities market gained +47bps. Market breadth improved on bargain hunting moves and was demonstrated by the positive movement in all sectoral indices save for the banking index. Decline in Zenithbank (-0.75%), ETI (-0.15%) and Stanbic (-0.50%) offset Guaranty (+0.49%) and Access (+ 0.75%). Consequently, the banking index closed down by -10bps.

 

Turnover rose to N5.0bn ($14.0m) dominated by trades in Guaranty ($2.7m), Nestle ($2.1m) and MTNN ($1.8m) which involved mixed interests coupled with offshore crosses in Guinness. Ytd returns on the index improved to -5.33%. We expect the market to maintain the same trading pattern the next session.