Investors also renewed interest in recently oversold consumers such as Intbrew(+4.78%)

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.

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Ezeadichie Onyeka Michael is the Co-Founder of Haelsoft, a Professional Services Company in Nigeria that provides Information and Technology Services for small and big size companies in Nigeria(Africa). He is an Entrepreneur and Venture Capitalist with Expertise in Web Technology and Digital Marketing. He has developed & Implemented Digital Marketing Strategies(Campaigns) for top brands across sectors in Finance, Telecommunication, Ecommerce who operate in the African market. His professional experience includes key roles at Google Business Group(Nigeria), Google Women on the Web (Nigeria), Edubridge Consultant and Wild Fusion where he has trained over 500 Entrepreneurs on how to use various Web Technology products to succeed online. Customer centricity, User Experience, Conversion optimization are 3 pronged framework he applies around the often-frenetic world of web analytics to ensure that clients stay competitive in the market. He believes that investing in talent is the key to long term success for brands across Nigeria (Africa).

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