Breakfast Report - August 5, 2019
Equity: The index traded positively in the opening period of Friday’s session, however, in latter period of trading, the index traded in the red. MTNN (-159bps) was mainly responsible for the ASI's decline (along with losses in ACCESS [-313bps] and UBA [-167bps]). As such, we foresee a weak open on Monday amidst a dearth of positive market drivers.
Stock Watch: CILEASING closed limit up in Friday's session (₦6.05), leading the bid cart. The price of the stock has seen increased volatility in the last two months. CILEASING opened the year at its current 12 month low (₦1.78) which it hit on the 27th of December 2018 when the NSE suspended trading on the stock to enable the share capital reconstruction the company embarked on. CILEASING has returned 240% YTD (-16% since June).
Fixed Income: With no discernible catalyst to shift the tide of the market, we foresee a mixed session in the secondary market at the start of the week. In the bond space, we foresee investors maintaining their current sentiment at the start of the week.
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