Today’s holdback in foreign selling in tier I banks capped turnover at N2bn ($5.6m), its lowest since the start of the year.

The equities market staged a late comeback as a last minute domestic buying in Dangcem(+0.78%) and rebounds in Guaranty(+2.44%) helped overturn early intraday losses. Investor’s sentiment were mixed – Zenith(+0.38%) gained amid a pause in foreign sell pressure and FBNH(+0.41%) rose on improved demand; on the flip side post dividend gloom weighed on Access(-2.14%) and UBA(-1.84%), and Stanbic(-2%) dropped on profit taking. Energy majors such as Seplat(+4.99%) and Oando(+4.55%) both advanced on a mix of decent demand and thin liquidity while consumers Intbrew(-6.8%) and PZ(-2.17%) lost on weak demand.

Today’s holdback in foreign selling in tier I banks capped turnover at N2bn ($5.6m), its lowest since the start of the year. The ASI +0.29% gain lifted weekly return and ytd gain to +0.21% and +7.02% respectively. We expect the market to trade sideways next week amid a mix of dividend reinvestment and fresh foreign selling.

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