Market Wrap – January 29th, 2018

A combination of increased speculative trading and gains in index heavyweight – Dangcem helped sustain the market rebound, reversing some of last week’s losses. Cement major – Dangcem gave the index a big boost , advancing +3.05% on a last minute buying by a domestic investor. Banking stocks also posted decent gains – FBNH(+2.71%) and Stanbic(+2.27%) rose on decent demand; bullish sentiment dominated trading in tier II banks – Diamond(+9.85%), Fidelity(+9.60%) and FCMB(+5.88%) all closed at limit up. On the flip side, consumer stocks closed weak – NB(-1.15%) dropped on profit taking; Guinness(-1.79%) fell for the third consecutive session on weak demand while Dangsugar(-4.60%) dropped on risk aversion.

Turnover stayed decent at N5.8bn ($16.2m) buoyed by trades in Zenith($2.82m), Guaranty($2.1m) and NB($1.5m). Today’s +1.22% ASI gain lifted ytd return to +15.85%, we expect the market to close slightly lower in coming sessions on profit taking.

Our site uses cookies to enhance your experience. By continuing to browse, you agree to our Privacy Policy