A brighter day for non-banks as Dangcem (+2.32%); Nestle (+6%) and Seplat (+6.10%) gave the index an impressive boost today. The ASI gained +2.14% on a turnover of $22.1m. the Consumer goods sector was up a whopping +3.99%, while the Oil and Gas subsector gained +2.59%. Activities were again driven by internationals with more local institutions participating on the buy side. Activity split from our perspective is 60/40 in favour internationals; Local prop traders also continued to buy up stocks in anticipation of earnings.
Guaranty ($6.1m), Zenith Bank ($4.3m) and Dangcem ($4.0m) were, however, the toast of investors accounting for c33% of the day’s value. Other notable counters include: Access($0.5m), ETI($0.8m) and Diamond($0.6m). We expect the market to moderate slightly from some profit taking in the next session.
