22nd May, 2019

On the Bid Cart: DANGCEM led the bid cart today rising 973bps to settle at N 203.00. Today marked the first day the stock traded above N 200.00 since the 11th of November 2018. DANGCEM hit its year-low of N 170.00 at the beginning of the year and was trading 9% above this low prior to today's gain. The limit-up performance by the stock is as a result of renewed interest from locals and foregins alike. Likewise, MTNN continued to rally post-listing at N 90.00, it gained 998ps today settling at N 144.85. In the event that MTNN posts another limit-up performance tomorrow and DANGCEM stayed at today's opening price of N 185.00, MTNN would have overtaken DANGCEM as the most capitalized stock on the bourse.

On the Offer Cart:  The offer cart today was led by NESTLE, which lost 769bps to settle at N 1320.00. The stock traded with a 0.48x bid/offer ratio at the close of trading with more supply than demand in the market. NESTLE now trades at its year low after its largest single session decline since the end of 2018. NESTLE has now declined 11% YTD worse than the Consumer Goods sector’s 8% declined over the same period. However, analysts believe this price level presents good entry point for investors with medium to long term investment horizon.

Reporting for EasyKobo on Wednesday , 22 May 2019 in Lagos, Nigeria

Source: Vetiva Capital Management Limited