Grizzly Bears came back with a bang-bang   

30th July, 2019

Bears prevailed on the exchange today following the positive week opener. The All Share Index declined 46bps erasing gains on Monday amidst another session of mixed trading with a high influx of earnings releases. FBNH could not beat the prior year, meanwhile SEPLAT recorded bottomline growth. Market activity picked up as expected with volume and value traded rising 67% and 101% d/d respectively. Meanwhile, market breadth was 1.8x positive with 11 advances and 20 declines.

What will shape the market tomorrow? 

We expect to see a flurry of earnings tomorrow as the month comes to an end, however, with the trend of limited reactions to the results we've seen so far, we do not expect the earnings to have any significant impact on investor sentiment and the performance of the index. As such, we foresee another bearish session despite the attractiveness of prices across the board.

Corporate Announcements

Seplat Petroleum Development Company released its half year results today reporting a topline of N109 billion (+4% y/y) and bottom line of N37 billion (+15% y/y).


First Bank of Nigeria Holdings Plc released its half year results today reporting a topline of N294 billion (+0.3% y/y) and bottom line of N31 billion (-5% y/y).

Notore Chemical Industries Plc released its nine month results today reporting a topline of N16 billion (-20% y/y) and Loss After Tax of N7.1 billion (-82% y/y).

Reporting for EasyKobo on Tuesday , 30 July 2019 in Lagos, Nigeria

Source: Vetiva Capital Management Limited

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