14th May 2019

On the Bid Cart: Leading the bid cart, FCMB gained 59bps to settle at N 1.71 today. The stock traded with a bid/offer ratio of 1.56x towards the end of the session. FCMB has declined 13% since the beginning of May coming off a year-low ( N 1.70). The stock is currently trading 29% below its year high of N 2.41. 

On the Offer Cart: Following back and forth price movements since the beginning of the month, FBNH lost 333bps to settle at N 7.25(3% above the year-low of N 7.05). The premium banking name traded with a 0.86x bid/offer ratio ( N 0.05 spread) at the end of the session and has declined 9% YTD compared to a xx% decline for the Banking sector. 

Reporting for EasyKobo on Tuesday , 14 May 2019 in Lagos, Nigeria

Source: Vetiva Capital Management Limited