The Nigerian equities market closed on a positive note as the ASI rose by +1.10% to settle at 35,225.22 points. Today’s performance was largely due to gains in cement manufacturers Dangcem (+3.72%), Wapco (+7.14%) as well as positive movement in selected consumer goods; Unilever ( +0.77%), Dangsugar(+ 0.84%) and Glaxosmith (+ 1.45%), UACN (+2.74%) and Guinness (+1.98%). Also, positive sentiment in the banking space improved as Investors sought to take position in Guaranty (+1.67%), Zenithbank (+3.98%), Access (+0.62%), UBN (+2.91%), ETI (+4.20%) and Fbnh (0.72%). Nevertheless, notable laggards were Intbrew (-3.09%), Ardova(-1.23%), Fidelitybk (-0.40%), Fcmb (- 4.97%) and Redstarex (-9.76%).
Market turnover was N2.95bln ($7.69m), though buoyed by trades in Zenithbank, Dangcem and Dangsugar. The NSEASI ytd return improved to +31.23%. We expect the market to maintain a similar trading pattern in the coming session.