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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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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