Recovery in index heavy weight stocks, Dangcem (+7.04%) and Mtnn (+1.61%) buoyed the ASI to appreciate by +0.78% in the day. However, sell off persisted in some banking stocks as UBN (-8.04%),ETI (-5.26%), Guaranty (-5.12%), Fcmb (-4.32%), Access (-1.23%) and Zenithbank (-0.80%) headed south. Other notable laggards were, Wapco(-8.85%), Jberger (-8.63%), Ardova (-7.54%), Guinness (-1.94%), Intbrew (-2.28%), Custodian (-1.71%) and Dangsugar (-0.78%).
Market turnover was N6.39bln ($16.69mln) though boosted by trades in Mtnn, Zenithbank and Guaranty as well as block trade in livingtrust. Year to date performance improved to +1.85%. We expect the market to maintain a similar trading pattern in the coming session.
