Bears strengthen their grasp on the already weakened Bourse   


31st July, 2019


The All Share Index dipped further today (-37bps) to settle at 27,718.26 points after spending most of the session below its opening point. Listed companies rushed to release their earnings for Q2'19 in order to meet the NSE's deadline, as such we saw a high number of results which were mixed overall. Among the results that came in today were FO (PAT: N5.4 billion) and DANGFLOUR (LAT: N6.17 billion). Amidst the mixed company performances and bearish response across the board, market activity picked up towards market close due to end of month trading as Investors worked to rebalance index funds. Volume and value traded rose 63% and 85% respectively d/d buoyed by activity in MTNN, ZENITHBANK & DANGCEM. Market breadth turned even with 20 advances and 20 declines. 

What will shape the market tomorrow? 


As earnings season comes to an end, we saw stronger reactions to earnings in today's session. However, despite the mixed results, the looming bearish sentiment in the market outweighed the effects of earnings. As such, we expect the negative sentiment to filter into the new month with less activity than today's session.


Corporate Announcements


Forte Oil Plc. released its half year results today reporting a topline of N83 billion (+34% y/y) and bottom line of N5.5 billion.

 

Dangote Sugar Refinery Plc. released its half year results today reporting a topline of N80 billion (-4% y/y) and bottom line of N11 billion (-14% y/y).


Dangote Flour Mills Plc. released its half year results today reporting a topline of N49 billion (-13% y/y) and Loss After Tax of N6.2 billion.
           


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


Source: Vetiva Capital Management Limited




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