The equities market bounced back today as investors immediately sought to capitalize on Friday’s pull back, buying up shares even as offer volumes waned. Gains in index heavyweight – Dangcem(+1.19%) gave the bourse its biggest boost, the cement major jumped towards the close on thin volumes. There was also a rebound in the banking sector – Zenith(+2.37%) and Guaranty(+2.24%) rose on strong foreign buying; tier IIs such as FCMB(+9.84%) and Diamond(+2.76%) closed on bid. Sentiment were mixed in consumer names – Intbrew(+5%) and PZ(+4.35%) rose on decent demand while Flourmill(-4.31%), Cadbury(-2.45%) and NB(-1.30%) dropped on profit taking.
Today’s turnover of N6.3bn ($17m) represents a 35% decline from this year’s daily average of N9.7bn ($26.8m); Intbrew($2.6m), Guaranty($2.3m) and Zenit($2m) were the most traded names. Today’s +0.51% gain lifted ytd return to +12.75%, we expect the market to tick higher in coming sessions
