Today’s session witnessed improved activity as the ASI (+1.28%) sustained recent upward trend. The bullish stance was underpinned by investors positive sentiment across board evidenced in all sector trackers closing in the positive region save for Industrial sector and Insurance sector which dipped marginally. Top influencers in the session included heavy weights Dangcem (+0.26), Seplat (+2.22%), NB (+0.59% and MTNN (+0.36%). Gains were also recorded in Airtel (+8.19%) on tiny cross, while Okomuoil (+9.63%), ETI (+9.59%), and UACN (+6.45%) closed upwards. Though market breadth closed in the positive region, WAPCO (-1.01%), Stanbic (-2.10%), Oando (-2.81%) and Honyflour (-2.06%) however closed underwater.
Market turnover improved to N2.62bln ($7.14mln) and was boosted by crosses on Guaranty ($1.9m), and Zenithbank ($0.37m) with offshore interest. The ASI appreciated by 2.33% for the week while Ytd return moderated to -11.62%. We expect the market to maintain the same trading pattern in the coming week.
