RESEARCH REPORT FOR THE WEEK ENDED FEBRUARY 1, 2019

It was a buyer’s market this week as market indices declined taking the year to date loss of the bourse to 2.26% from
0.26% recorded last week ended January 25 2019. Week to date, the market shed 2.5% leaving the All Share Index
and Market capitalization at 30,636.36 and N11.42trillion respectively. The bearish sentiment was driven by sell
pressure on almost all stocks, especially the bellwether stocks.
Activities showed mixed signal as the number of deals made increased by 4.63% while the volume and value of
transactions reduced by 16% and 22.4% respectively. The most traded stocks this week are UBA, Zenith and
Consolidated Hallmark Insurance.
While the Oil and Gas index inched up marginally by 0.05% week to date, all other indices declined. The Industrial
index declined by 3.67%, the Consumer goods index by 3.35%, the Banking index by 2.47% and the Insurance
index by 2.22%.
We expect the bearish run to persist this coming week as geopolitical tension due to the upcoming general elections
reaches its peak. However, there will be passive bargain hunting especially on stocks which have been well beaten
down.
We also expect companies to continue releasing their financial statement for the period ended December 2018.

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