Gains in large cap stocks; Selpat (+8.76%), Dangcem (+3.04%), Mtnn (+1.82%) and Wapco (+3.98%) propelled the ASI (+1.54%) in today’s session to close at 40,963.14 point. Today’s positive sentiment was broad based as investors sought to take profitable position in Ardova (+9.25%), Jberger (+4.80%), UBN (+4.67%), Access (+3.83%), Dangsugar (+3.56%), Cadbury (+3.33%) , UBA (+2.84%), FBNH (+2.04%), Zenithbank (+1.93%), Guaranty (+1.85%) and Mansard (+9.42%) among others. Market breadth closed in the positive region with about six gainers to every laggard.
Market turnover impressive at N8.91bln ($29.64mln) buoyed by mixed interest trades in Guaranty, Wapco, Zenithbank and Dangcem. Ytd performance improved to +1.72%. We expect the market to continue to oscillate around current levels in its bid to finding equilibrium from last year’s gains.
