Market Wrap – January 15th, 2018

The equities market bounced back today as investors immediately sought to capitalize on Friday’s pull back, buying up shares even as offer volumes waned. Gains in index heavyweight – Dangcem(+1.19%) gave the bourse its biggest boost, the cement major jumped towards the close on thin volumes. There was also a rebound in the banking sector – Zenith(+2.37%) and Guaranty(+2.24%) rose on strong foreign buying; tier IIs such as FCMB(+9.84%) and Diamond(+2.76%) closed on bid. Sentiment were mixed in consumer names – Intbrew(+5%) and PZ(+4.35%) rose on decent demand while Flourmill(-4.31%), Cadbury(-2.45%) and NB(-1.30%) dropped on profit taking.

Today’s turnover of N6.3bn ($17m) represents a 35% decline from this year’s daily average of N9.7bn ($26.8m); Intbrew($2.6m), Guaranty($2.3m) and Zenit($2m) were the most traded names. Today’s +0.51% gain lifted ytd return to +12.75%, we expect the market to tick higher in coming sessions

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