Market Wrap – September 27th, 2017

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

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