An early reversal on thin volumes in oil & gas major, Seplat (+10.00%) alongside gains in NB (+4.61%) and the banks – FBNH (+3.47%), UBA (+4.27%) pushed the index up by +34bps on the day. The market opened to block crosses in FCMB which created short-lived optimism on activities levels as market proceeded quietly afterwards till mid-session. Meanwhile, losses in bellwethers – Nestle (-2.03%) and Dangcem (-0.54%) tapered the day’s gains.
Market turnover declined to N2.3bn ($6.3m) dominated by offshore crosses in UBA ($2.1m), locals in Fidson ($0.5m) whilst Zenith ($0.4m) involved mixed interests. The market index lost -63bps w-o-w whilst ytd loss reduced to -19.80%. We expect the market to trade sideways in the next session.
