The equities market struggled to close positive today requiring a last minute uptick in Dangcem to offset weakness in banking stocks. Yesterday’s laggards turned supporter – cement majors Dangcem(+1.19%) and Wapco(+3.41%) both advanced on late bargain hunting. Investors also renewed interest in recently oversold consumers such as Intbrew(+4.78%), Dangsugar(+2.56%) and NB(+0.23%). The weakness in banking stocks continued – similar to other tier Is- UBA(-6.75%) traded lower in its first ex-div trading; Zenith(-2.04%) fell to a 13-week low amid a glut in supply and Guaranty(-1.15%) traded close to its 200day average intraday. Tier II banks also closed lower.
Turnover was decent at N4.2bn ($11.6m) buoyed mainly by a 26mn cross in Flourmill between a domestic seller and foreign buyer and significant activities in Zenith. Today’s +0.17% gain lifted ytd return to +5.9%, we expect the market to find support in coming sessions on bargain hunting.