Market Wrap 16/04/2018
The equities market switched between gains and losses today as investors sentiment were split between bargain hunting and risk aversion. Late gains in a few large caps ensured the bourse closed +0.14% higher. Consumer majors such as Nestle(+1.81%) and Unilever(+3.85%) both gained on thin volumes. Zenith(+1.53%) and UBA(+1.88%) also enjoyed decent investors patronage. Oando(+9.42) advanced for the second consecutive on strong domestic demand. The losers table was dominated by NB(-2.18%) which fell on late selling, 11plc(-5%) reversed some of last week gains on profit taking. Access(-2.18%) and Guaranty(-0.23%) both dropped on large supplies.
Investors remained on the side lines for the second straight session, limiting turnover to N3.1bn ($8.6m). There were notable crosses of 24mln Guaranty involving foreign investors, trades in Guaranty accounted for 52% of activities. Ytd return improved to +7.17%, we expect the market to remain choppy in coming sessions baring any major catalyst either way