Breakfast Report 29 July, 2019
Equity: The NSE ASI has fluctuated around the 28,000 points mark, its lowest level since May 2017. While prices across the board remain attractive, we foresee the All Share Index dipping further at the beginning of the week. However, we do not rule out the possibility of bargain hunting swinging dynamics.
Stock Watch: HMARKINS (+10.00%) closed limit up last week Friday settling at ₦0.33. The insurance stock is currently trading at a 13%
discount from its year high of ₦0.38 which it opened the year at. The Insurance sector was the sole gainer on Friday lifting the YTD decline to -9.87% (CHIPLC: -13% YTD; WAPIC: -9.5% YTD).
Fixed Income: With the expected FAAC disbursement and ₦321 billion in maturities hitting the system this week, we expect slight buy-side
activity to persist in the Fixed Income market at the start of the week, with investors favouring the bond space over T-bills.
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