Nigerian Equities Market Wrap
July 24, 2017
The ASI hit a 2-yr high today as the earnings rally neared fever pitch with investors aggressively buying up blue chips even at multi year highs. Index heavyweight – Dangcem(+5%) jumped to a two-and-a-half year high on strong foreign buying. Financials were also impressive; UBA(+3.62%) closed on bid, Access(+4.46%), Stanbic(+3.11%) and Zenith(+1.31%) all rose on strong demand. Consumer stocks were slightly mixed, bargain hunting lifted Flourmill(+3.77%) while Nestle(-1.74%) and PZ(-2.73%) dropped on profit taking
Turnover was decent at N3.95bn ($12.44m), there were notable block trades of 26m Guaranty and 33mln Access shares between foreign investors. Today’s gain of 1.86% lifted ytd return to +28.94%, we expect the market to tick higher on low offer volumes.