Market Wrap – September 28th, 2017

The equities market eked out a +0.93% gain at the last minute of trading helped mainly by a late rebound in index heavyweight – Dangcem(+1.42%). Initial intraday losses in the cement major left the bourse in the red for most part of the day, overshadowing the improved mood in the broader market. A mix of bargain hunting and a decline in offer volumes helped lift prices in tier I banks – Zenith(+3.51%), Guaranty(+2.04%) and Access(+0.11%). Consumers also picked up with PZ(+4%), Intbrew(+2.78%) and Nestle(+1.23%) all advancing on decent demand.

Improved foreign activities in cement stocks buoyed turnover to N3.99bn ($11m); there were notable block trades of 5.6mln Dangcem ($3m) and Wapco ($1.3m). Today’s gain helped lift ytd to +31.83%, we expect a slight pull back tomorrow on profit taking in large caps.

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