The equities market reversed more of recent losses today as value buying in blue chips pushed prices higher. Banking stocks continued to rebound lead by FBNH(+8.23%) which jumped on strong domestic demand; other tier Is such as UBA(+4.22%), Access(+2.38%) and Guaranty(+1.97%) ticked higher on earnings optimism. Large caps such as Dangcem(+0.58%) and NB(+1.86%) also contributed to the index gains, both stocks advanced on reduced foreign selling.
Turnover closed high at N6.2bn ($17m) buoyed again by foreign activities in Guaranty($3.88m), Zenith($2.4m) and Access($2.1m). Today’s +1.03% gain lifted ytd return to +11.4%, we expect the market to close the week on a positive note