Turnover closed strong at N7bn ($19.5m) buoyed mainly by bargain hunting in Zenith($6.8m) and Guaranty($4m).

The equities market extended its sell-off today as banks remained in free fall mode amid increased liquidity. Strong foreign selling pushed Zenith(-4%) into oversold territory; Guaranty(-1.64%) fell on late domestic selling while panic selling ensued in UBA(-4.29%) and Access(-1.27%).

FBNH(+2.63%) and Stanbic(+0.40%) however escaped the turmoil with investors sustaining demand on higher return potential. Consumer stocks traded mixed – Flourmill(+1.74%) and Guinness(+0.40%) advanced on decent demand while Dangsugar(-5%) and Nestle(-1.08%) dropped on risk aversion. Dangcem(+0.53%) closed higher on decent demand.

Turnover closed strong at N7bn ($19.5m) buoyed mainly by bargain hunting in Zenith($6.8m) and Guaranty($4m). Today’s -0.59% loss increased week-to-date loss to -2.85%, ytd return closed at a month low of +9.66. We expect the market to find support next week

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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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