The NSE All Share Index remained unbeaten as the broad market indicator started the week on a brighter note, appreciating by +3.96% in the day. Recent earnings announcement and robust system liquidity remained the major driver of sentiment, as investor sought for profitable position in the session. Point amassed in cement manufactures: Dangcem (+6.02%), Wapco (+10.00%) and Buacement (+4.42%) as well as gains in telecommunication giant MTNN (+4.24%) largely accounted for the performance. Likewise, Zenithbank (+7.40%), along with its peers, UBA (+7.98%), UBN (+6.54%), Access (+6.10%), Guaranty (+5.22%), ETI (+7.14%), FBNH (+3.65%), Fidelitybk (+9.77%) and Fcmb (+9.35%) all advanced. Other major movers were Oando (+10.00%), Dangsugar (+9.70%), Ardova (+6.32%), Intbrew (+6.15%), Flourmill (+4.60%), and Guinness (+4.57%).
Market turnover was impressive at N8.24bn ($21.55mln), buoyed by mixed interest trades in Zenithbank, Guaranty and Access, as well as domestic interest trades in Dangcem and Mtnn. The NSEASI ytd return improved to +20.15%. We expect the market to witness the same sentiments in the next session, though not ruling out intermittent profit taking.
