The equities market slumped -0.54% as negative reactions surprisingly continued to trail the release of banking results.

The equities market slumped -0.54% as negative reactions surprisingly continued to trail the release of banking results. Tier I bank such as Zenith -1.81% fell to a 1-month low on strong foreign selling; the negative reaction hit yet to report UBA(-2.06%) and Access(-3.52%) while Guaranty which published an impressive N200bn PBT was initially hit to a 2-month low post announcement, albeit bargain hunting helped erase the loss towards the close. The sell-off was bigger in tier II banks such as Diamond(-7.34%), FCMB(-5.28%) and Fidelity(-4.75%).

The bearish vibe hit trading in consumer stocks – Dangsugar(-4.93%), Nestle(-1.43%) and Cadbury(-4.74%) all dropped on risk aversion. Bucking today’s trend was NB(+0.69%) which rose on fresh foreign interest and Stanbic(+1.13%) which gained on modest FY 17 provision and thin liquidity.

Turnover stayed decent at N6.8bn ($18.8m) buoyed mainly by a 14mln cross in NB($6.6m) between foreign investors. Ytd return fell to +12.02%, we expect bargain hunting to support the market in coming sessions.

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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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