RESEARCH REPORT FOR THE WEEK ENDED FEBRUARY 15, 2019

The market defied all odds to appreciate despite the growing apprehension about the coming general elections as campaigns reached the peak. Investor were taking position without fretting about the looming uncertainties. The All Share Index and Market Capitalization increased by 3.76% to 32.715.2 and N12.2trillion respectively. Activities were quite visible as the number of deals made and volume of shares traded increased by over 50% while the value of transaction increased by about 5.6%.

The most trade stocks by volume are Diamond Bank, Access Bank and Transcorp. All sector indices advanced and the biggest advancing sector is the Oil and Gas index, which gained 5.94% on the back of appreciation of Oando and Seplat Petroleum. This is followed by the Consumer Goods index which advanced by 5.42% due to buying interst in Nestle Nigeria, Dangote Flour, Cadbury Nigeria, Unilever and Nigerian Breweries. The Insurance index gained 1.51%, the banking index by 1.59% due to price appreciation on First Bank, Zenith Bank and Stanbic IBTC Holdings, while the Industrial index by 1.62% because of gains on Dangote Cement and Beta Glass.

Although the general elections have been postponed by a week, we expect jitters in the coming week as a result of this announcement but bargain hunting sentiments will outweigh political uncertainties.

We also expect companies to continue releasing their financial statement for the period ended December 2018.

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