The market index sustained a positive performance today (ASI +0.55%), boosted by gains in few industrial and consumer goods heavyweights. While market mood remained generally subdued, Dangcem(+2.39%) emerged the biggest mover, albeit on thin volumes and relatively weak demand following its announcement of ongoing takeover talks with PPC Ltd, South Africa. Other top gainers included Nestle(+1.26%) which rebounded on a cross trade, Okomuoil (+5.74%), UACN(+2.86%) and Flourmill (+1.89%). These muted declines in Unilever(-5.00%) which plunged on late demand contraction; Oando (-4.98%), Total(-1.23%) and banking majors Zenith (-2.42%), FBNH(-1.03%), Access (-0.21%) and Guaranty(-0.16%) from lingering sale pressure.
Today’s turnover remained low at N2.72bn($7.58m), with blocks between a mix of foreign and domestic interests in Nestle ($1.7m), Guaranty($1.5m), Stanbic($0.56m), Intbrew($0.54m) and Zenith($0.47m), accounting for 62% of market values. The NSEASI ytd return widened to +32.69% at 35,660.04 points. We expect the market to maintain the sideways pattern in coming sessions.
