Market Wrap 13/3/2018
The equities market ended a mixed session flat as earnings induced selling in financials was offset by bargain hunting in a few defensive stocks. With provisions seemingly casting a shadow over Zenith’s result(-1.77%), sellers found more reasons to exit….capitalizing on the improved foreign demand post earnings. Provision fears tapered demand in UBA(-1.22%), Guaranty(-0.53%) and Access(-0.39%). Consumer stocks traded mixed – Unilever(-4.93%) dropped on a mini-correction; Dangsugar(-4.50%) followed Nascon(-4.35%) lower on post earnings selling. On the flip side, Nestle(+1.45%) rallied on a last minute foreign demand and Flourmill(+1.88%) advanced on post capital raise optimism
Turnover was decent at N6.1bn ($16.8m) buoyed mainly by increased activities in Zenith($6m). Today’s marginal +0.04% gain lifted ytd return to +12.63%, we expect the market to tick lower tomorrow on residual offers.