From the trader's desk...   
June 27 (Lagos) - The Nigerian bourse slid 20bps today on the back of losses in heavyweights MTNN & NESTLE. Today's session was characterized by late dip in CCNN which cemented the ASI's loss for the day. Activity on the bourse slowed today as turnover declined 21% d/d.

The Consumer Goods sector( UNILEVER and NESTLE) and Banking Sector (GUARANTY and ZENITHBANK)accounted for most of the trades (by value) on the exchange today. Lastly, though milder, market breadth remained skewed to the negative with 17 advances vs. 18 declines.

What will shape the market tomorrow? 

We see no respite for the NSE ASI tomorrow with no apparent drivers in sight to boost the index. However, as H1'19 comes to an end we may see a spike in activity as investors rebalance their portfolios and position for the second half of the year. The Airtel Africa IPO on the NSE expected at the start of H2'19 could act as a lifeline like its competitor MTN Nigeria did.

Stocks to Watch

On the Bid Cart: NB gained 690bps leading the bid cart to settle at N62.00. The brewer has lost over 44% of its market capitalization over the last 12-months and hit a nine-year low of N56.90 at the start of Q2'19. The Consumer Goods company opened the year trading above N80.00 but has since declined 27% YTD (compared to the Consumer Goods sector's 19% YTD decline).

 NB's poor performance is peculiar to the overall brewery industry which has been plagued by the weight of recently introduced excise duties on alcohol as well as increased competition and cost of sales. 
On the Offer Cart:  

Investors immediately took profit on gains in CCNN in yesterday's session as the stock shed 977bps to hit a new 12 month low of N12.00. Likewise, CHAMS closed limit down (10.00%) to settle at N0.27 recording a 35% YTD return. The ICT company was on full offer at the close of trading. CHAMS peaked at N0.53 at the beginning of May after rallying 165% through the month of April on the back of Q1'19 profits hitting a five-year high. 

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