Market Wrap – September 19th, 2017

The equities market ended a mixed session marginally lower today as the sustained risk aversion was cushioned by bargain hunting in a few blue chips. Consumer majors – Nestle(+1.98%) and Unilever(+0.48%) were in high demand while investors notably trimmed holdings in PZ(-4%) and NB(-1.18%). Banking stocks also traded mixed – UBA(-1.13%) and Access(-0.10%) dropped on increased selling while Guaranty(+1.42%) and Stanbic(+1.27%) advanced on bargain hunting. Other notable losers include Seplat(-1.48%) and Wapco(-0.94%).

Value traded remained subpar at N2.83bn ($7.80m) with trades in Guaranty accounting for 45% of turnover following a block trade of 16mln shares by foreign investors. Today’s -0.08% loss further trimmed ytd gain to +29.66%, we expect the market to find support in coming sessions

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