Market Wrap – January 10th, 2018

The ASI surged near pre-oil price crash levels today, its highest since August 2014 as sustained market euphoria pushed prices to fresh records leaving the bourse in overbought territory. It was a frenzy across the board – top banks such as Zenith(+6.73%) and Guaranty(+5.05%) closed on bid. FBNH(+5.56%), UBA(+4.60%) and Access(+3.02%) also ticked higher on decent demand despite huge profit taking. Cement majors such as Dangcem(+4%) and Wapco(+4%) rose on strong demand. Consumers were also impressive – last year’s surprise laggard NB(+4.29%) jumped on bargain hunting, there were upticks in Unilever(+4.77%) and Flourmills(+2.77%).

Today’s market activities further reinforced the strength of today’s rally – turnover closed high at N13.2bn ($36.6m) with Zenith($5.5m), NB($4.7m) and Dangcem($4.6m) topping the list. Today’s +3.6% gain lifted ytd return to +9.34%. The local bourse is now the best performing market globally, we expect the rally to ease up on profit taking in coming sessions.

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