Earnings optimism in the banks kept the market in the green for the second consecutive day; tier I banks such as UBA(+3.17%), FBNH(+3.14%) Access(+1.57%) and Zenith(+0.79%) all rose on foreign demand. Consumer brands such as Flourmill(+1.38%) and Nestle(+0.58%) also gave the index a boost. Capping today’s gains was NB(-1.29%) which dropped to a 10-month low still on negative reaction to its full-year numbers. Other notable losers were Dangsugar(-2.73%) and Intbrew(-0.18%).
Investors largely stayed off non-financials, leading turnover to drop to N3bn ($8.5m), trades in Zenith and Guaranty account for 36% of activities. Today’s +0.24% gain lifted ytd return to +10.50%, we expect the market to dip tomorrow on profit taking in the banks.