The ASI ended a mixed session up as a mini rebound in a few blue chips helped snap a 3-day losing streak. Gains in index heavyweight – Dangcem(+2.71%) offset weakness in consumer stocks such as Guinness(-3.37%), Nestle(-0.82%), NB(-0.54%). Investors sentiment were split in banking stocks; fresh value buying lifted Zenith(+2.27%) and Guaranty intraday while UBA(-2.11%) and Access(-2.01%) dipped on weak demand. Energy stocks also traded apart, 11 Plc and Oando dropped -5% and -3.79% while Total gained +0.49% on domestic demand.
Turnover remained decent at N5.48bn ($14.9m) buoyed by block trades of 1m Nestle shares and 19m Guaranty shares between foreign investors. Today’s +0.59% gain lifted ytd return to +35.13%, we expect the market to tick higher tomorrow on value buying.