Despite trading narrowly lower for most part of today, the index jumped +1.32% at the close buoyed by a last minute rally in index heavyweights – Dangcem(+4.35%) and NB(+2.52%). Zenith(+2.84%) and Guinness(+1.05%) advanced on bargain hunting. Sentiment in the broader market however remained weak; banking stocks – Access(+3.08%), UBA(-1.18%), Guaranty(-0.50%) and tier II banks dropped amid a glut in supply. Other notable losers include Wapco(-2.25%) which lost on capital raise fears; Cadbury(-4.95%) and Unilever(-1.23%) fell on risk aversion.
Market activities was impressive with turnover closing at N9bn ($25.3m) boosted by cumulative block trades of 66m Guaranty and 98m Zenith involving foreign investors. Today’s rebound helped reduce weekly loss to -2%, the bourse worst weekly return in 3-months. Ytd closed at +43.02%, we expect a rebound next week on value buying.