29th July, 2019

On the Bid Cart:  CCNN (+129bps) released strong H1'19 earnings today which supported a positive close for the day (Closing price: N11.75). The cement maker recorded a Profit After Tax of N7.3 billion (vs. H1'18 PAT: N3.7 billion), a clear result of the increase in production following the 2018 mergers and acquisitions the company completed. CCNN has declined 56% YTD (DANGCEM: -10%; WAPCO: 16% YTD).

On the Offer Cart: TOTAL shed 996bps (N114.80) today leading the offer cart. The steep decline occurred after the company's H1'19 earnings results came in below the mark. TOTAL recorded a N130 million loss for the period, a poor performance Y/Y (H1'18 PAT: N5.7 billion). The Oil & Gas player is currently trading at a 16-year low after trading as high as N345.00 at the end of 2016 (a 67% decline over the 3 year period). The Oil & Gas sector is the worst performer on the excahnge YTD (SEPLAT: -23%; OANDO: -22%; MOBIL: -15% YTD).

Reporting for EasyKobo on Monday , 29 July 2019 in Lagos, Nigeria

Source: Vetiva Capital Management Limited