The equities market maintained its bullish momentum today, rising for the fourth consecutive session on strong foreign demand. Investors raised bets in blue chips; tier I favourite Guaranty(+3.24%) jumped to an all-time high of N42.02, Zenith(+0.96%) also closed at a 2-month high on decent investor patronage. Cement heavyweight – Dangcem(+2.94%) gave the bourse its biggest lift as positive reaction continued to trail the decision to withdraw its PPC SA bid. In the consumer space, Nestle(+0.58%) jumped near a 4-year high and Intbrew(+5%) closed on bid on strong foreign demand. Bucking the trend was Access(-1.52%) and UBA(-0.74%) which dropped on profit taking. Negative reaction remained in PZ(-1.32%) post its Q1 numbers.
Market activity was light due to a drop in blue chip offer volumes, turnover was just N2.9bn ($8.2m). Today’s +1.41% gain helped lift ytd return to +37.05%, we expect the rally to slow down as market turns cautious in coming sessions.
