Market Wrap – September 21st, 2017

The equities market closed flat today as renewed bargain hunting was offset by risk aversion. Trades in top bank – Guaranty(+0.65%) was the highlight of the day as a divestment by a major holder was met with strong bargain buying; in all investors staked a whopping $18mln on trades of over 174mln shares, that’s the biggest daily volume traded in Guaranty in almost two years. Foreign monies also pushed prices of major brewers – NB(+2.98%) and Guinness(+2.56%) higher. Cutting today’s advance were index heavyweight- Dangcem(-1.59%) which surrendered some of yesterday’s gains on weak demand; Zenith(-0.36%) and oil palm major – Okomu(-4.95%) dropped on risk aversion.

Turnover jumped to a 7-week high of N8.6bn ($24m) buoyed by activities in Guaranty($18.5m). Ytd return closed at +30.94%, we expect the market to tick higher on bargain hunting tomorrow.

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