The equities market recouped some of yesterday’s losses on improved earnings buying in tier I banks. Foreign investors upped demand in tier Is such as Zenith(+1.62%), Stanbic(+1.22%) and Access(+0.84%). UBA(+2.39%) also benefitted from news of its cancellation of 2bn shares following the closure of its Staff Share Investment Trust Scheme. Consumers – Nestle(+0.41%) and Intbrew(+2.70%) advanced on improved foreign demand. Today’s rebound was dampened by sustained weakness in NB(-0.25%) which dropped into oversold territory on risk aversion. Profit taking in Dangsugar(-3.30%) and ETI(-0.58%) also weighed on the index.
Market activities dipped amid a decline in banking stocks offer volumes, thus limiting turnover to just N2.7bn ($7.55m). Today’s gain of +0.15% raised ytd return to +31.57%, we expect the market to tick higher tomorrow on sustained earnings buying.
