Market Wrap – January 30th, 2018

Another last minute buying in index heavyweight – Dangcem(+0.75%) helped lift the bourse (ASI +0.42%) for the third consecutive session overturning intraday losses of as much as -0.72%. Investors’ sentiment in the broader market was mixed – banking stocks such as Stanbic(+2.22%) advanced on thin liquidity; Guaranty(+0.51%) snapped a 6-day losing streak on fresh foreign demand and FBNH(+0.71%) ticked higher on decent demand. Investors however booked profit in UBA(-1.15%) and Fidelity(-2.06%). Consumers were also split – Nestle(-2%) and Unilever(-0.67%) fell on weak demand while Guinness(+2.73%) and Dangsugar(+0.48%) advanced on bargain hunting.

Turnover closed high at N7.4bn ($20.4m) buoyed mainly by a cross of 10m NB($4.1m) between foreign investors and trades in Guaranty($2.3m). Ytd return rose to +16.34%, we expect the market to tick lower in coming sessions on profit taking.

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