Despite low activity levels, sustained bargain hunting in select counters, kept the NSEASI afloat, as it rose by +0.20% to 25,511.02 on the day. Investors reaction was mixed towards the banks following the release of more Q2 results from the sector leaders. Key movers included Zenith (+1.47%), which rallied on relatively decent set of numbers released during the session; UBA (+0.78%) and FCMB (+4.76%). These muted declines in Sterlingbank (-4.80%) and Fidelity(-0.55%). Other major market drivers were UACN(+4.20%) and MTNN(+0.51%) which advanced on relative contraction in offers. In all, market breadth was positive and about 3 advancers were recorded for every one that declined.
Market turnover was low at N1.32bn ($3.39mln), with no major block trades recorded. The negative NSEASI ytd return moderated to -4.96%. We expect the market to witness similar sentiments in the next session.
