Market Wrap 22/3/2018

The equities market rose +0.33%, halting a 6-day decline as investors upped bargain hunting in financials after weeks of sell-off. With the banking index trading in oversold territory, bargain hunters swooped in on beaten stocks such as UBA(+2.17%), Zenith(+1.77%), Guaranty(+0.67%) and tier IIs – FCMB(+4.94%), Diamond(+4.79%) and Fidelity(+4%).

Consumer stocks also closed higher – Glaxo(+10.20%) rallied following news of a special dividend of N7.10k; major brewer NB(+1.51%) rose amid reduced offers, Cadbury(+4.74%) and PZ(+2.68%) both advanced on bargain hunting. Today’s notable decliner was Access(-5.53%) which fell to a 10-week low as negative reaction trailed yesterday’s earnings release.

Turnover closed high at N7.3bn ($20m) buoyed mainly by block trades in Guaranty($6.4m) and Zenith($5.2m) and post earnings sell off in Access($3.8m) which traded its second biggest daily volume this year.  Ytd gain improved to +8.87%, we expect the market to tick higher in coming session on bargain hunting.

Published by


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).

Leave a Reply