Nigerian Equities Market Wrap

Nigerian Equities

Market Wrap

May 12, 2017

The equities market took a breather today (-0.81%) after a record 10-day rally as profit taking cancelled out sustained foreign buying, allowing a last minute selling in index heavyweight – Dangcem(-4.79%) easily drag the bourse down.. Other notable losers include UBA(-4.32%), Stanbic(-3.70%), Access(-2.57%) and Zenith(-0.28%) which all dropped on increased profit taking by domestic investors. On the flip side, gains in consumer goods stocks helped keep the market flat for most of the session, Nestle(+4.38%), NB(+4.33%), PZ(+9.59%) and Guinness(+4.45%) all rallied higher on a mix of reduced liquidity and continued foreign buying. Other notable gainers include Guaranty(+1.52%) which survived a barrage of selling (its heaviest in 8months) to close +1.52% up; Seplat(+4.28%) also bounced back on a one-off cross.
 
Turnover remained strong at N9bn ($28.94m) buoyed mainly by strong interests and offers in top banks – Guaranty(N2bn) and Zenith(N1.9bn) and a sizeable 470mln block trade in FBNH (Domestic investors both ways). Trades in all (3) accounted for almost 70% of today’s value traded. Weekly return closed impressive at +7.45%, its highest weekly gain in over 2-years. Ytd return closed at +4.90%, we expect the market to ease lower next week on reduced demand.

 



 

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