The local bourse clawed back some of yesterday’s losses today as investors sentiment slightly improved allowing bargain hunting activities offset preexisting risk aversion. Large caps such as Dangcem(+1.94%) and Nestle(+0.39%) rose on thin volumes while selling continued in NB(-0.90%) and Wapco(-0.48%). Investors sentiment in banking stocks also remained mixed – Zenith(+1.76%) and Stanbic(+0.63%) rose on foreign buying even as Guaranty(-1.01%), UBA(-1.62%) and Access(-0.52%) slumped on risk aversion.
Market activities dipped again to N1.27bn ($3.5m), 77% below the 3-month daily average of N5.7bn ($15m). Today’s +0.44% gain lifted ytd return to +30.62%, we expect the choppy pattern to persist through the week