The All Share Index appreciated marginally by 30bps largely on account points amassed by communication giant Airtelafri (+3.66%) which was on tiny crosses, as well as gains recorded by Buacement (+2.51%). Also, UBA (+2.48%), Zenithbank (+1.87%), FBNH (+0.99%) and Guaranty (+0.24%) all advanced among the banks though activity level remained subdued across board in many names.
Market turnover remained less impressive at N2.6bn ($6.70mln) and was dominated by late crosses in MTN which involved locals. Ytd return of the index moderated to -10.22%. We expect the market to continue in the same trading pattern.
