The equities market recouped part of yesterday’s loss as the index rose by +34bps. Market mood livened up at midday after the early morning lull as bargain-hunting moves excited participants. Cement major, Dangcem (+0.71%) led the advancers alongside consumers – NB (+0.64), Flourmill (+5.00%) and select banks – UBA (+1.96%), Zenith (+0.43%). On the flipside, Guaranty (-1.01%), FBNH (-0.66%) and Access (-0.66%) however declined to taper gains.
Market turnover rose to N3.4bn ($9.3m), boosted by local crosses in Zenith ($2.5m) whilst foreign interests were in Nestle ($0.6m) and Stanbic ($0.5m). Ytd loss on the index shrunk to -19.68%. We expect the market to trade sideways in the next session.