April 15, 2019/Cordros Update

EQUITIES

The Nigerian equities market opened the week on a bearish note as the benchmark index declined by 0.22% to 29,495.91 driven by losses in the Banking and Oli & Gas sectors.

Thus, the Month-to-Date and the Year-to-Date losses increased to -4.98% and -6.16 %, respectively.
 
On the sectoral breakdown, gains in the Industrial Goods (+0.56%), Insurance (+0.20%), and Consumer Goods (+0.99%) indices were not enough to offset the losses in the Banking (-0.11%) and Oil & Gas (-0.13%) indices.
 
Market breadth was positive, with 25 gainers and 17 losers led by DANGFLOUR (+9.52%) and ABCTRANS (-10.00%) shares, respectively. Total volume of trades decreased by 3.86% to 223.78 million units, valued at NGN 1.79 billion and exchanged in 3,175 deals.
 
In the absence of positive catalyst, we guide investors to trade cautiously in the short term. However, stable macroeconomic fundamentals and compelling valuation remain supportive of recovery in the mid-to-long term.