The rally in the equities market moved into overdrive today as investors kept up the buying binge extending gains for the sixth consecutive session. Index heavyweight – Dangcem(+2.02%) hit an all-time high on strong foreign demand. Banking stocks were also impressive – tier Is such as FBNH(+8.47%) and Guaranty(+4.99%) closed on net bid; Access(+4.31%), Zenith(+3.09%) and tier II banks also posted strong gains. Investors’ sentiment was mixed in consumer stocks – Guinness(+5%), PZ(+5%) and NB(+4.58%) advanced on decent demand while Dangsugar(-1.38%) dropped on profit taking and Flourmill(-1.20%) slipped on capital raise short trades. Wapco(+5%) and Seplat(+2.27%) were other notable gainers today.
Turnover jumped to a year high of N17.3bn ($47.9m) with investors sustaining interests in Zenith($12m), Dangcem($7.3m) and NB($5.6m) for the second straight day. Today’s +2.93% lifted ytd return to +12.55%, we expect the rally to taper in coming sessions