The equities market closed the week on a high as early week selling slowed allowing stocks to recover on light volumes. Large caps gave the index a big boost – Dangcem(+0.84%) rose on decent domestic demand; Seplat(+5%) surged above a 3-year high on illiquidity and Nestle(+0.67%) recouped some of yesterday’s loss. Banking stocks also posted decent gains – Access(+2.94%) and Zenith(+0.24%) rose on foreign demand.
Turnover reflected the holiday season as traders exchanged N1.5bn ($4.2m) worth of shares. Today’s +0.45% gain flipped the weekly return to +0.22%, ytd closed at +43.34%, we expect the market to tick higher next week on end-of-year activities.