31st July, 2019

On the Bid Cart:  WAPIC rose 769bps (N0.42) today after releasing strong H1'19 earnings (PAT: +392% y/y). The insurance company hit a 12-month high of N0.47 at the start of the month and shed 14% in the 13 sessions following. WAPIC is flat YTD after rising 17% from its year low of N0.36 (CHIPLC: -13% YTD; Insurance Sector: -8.49% YTD).

On the Offer Cart: DANGSUGAR declined 926bps to close at N9.80, a two-year low after H1'19 earnings missed. The company reported a bottomline of N10.9 billion (PAT: -14% y/y) for the period, the decline in profits could be attributed to smuggling  due to the porous border, Apapa gridlock, among other problems that the Nigerian sugar industry is facing. DANGSUGAR has declined 36% YTD while the Consumer Goods sector has shed 27% over the same period - worst performing sector on the exchange.

Reporting for EasyKobo on Wednesday , 31 July 2019 in Lagos, Nigeria

Source: Vetiva Capital Management Limited