The equities market remained on the positive path today (NSEASI +0.81%), largely thanks to a strong gain in index heavyweight Dangcem (+1.57%). The cement major had rallied alongside other banking majors early in the session on sporadic domestic buying, thus muting the contraction in other consumer majors including Nestle(-1.57%) and Unilever(+4.55%). Whilst Zenith and Guaranty eventually surrendered the intra-day gains on increased supply glut from mixed interest into the close, UBA(+1.91%) and FBNH (+1.81%) however closed in the green. In all mixed investors sentiments dominated the market ahead of the elections with offshore participants observed as net sellers.
Turnover improved to $11.9m, boosted by mostly offshore related crosses in Guaranty ($1.4m); Nestle ($0.6m) and others like Diamond and Transcorp. The market gained +3.76% this week, with Ytd return still positive at +4.09%. We expect a mixed trading week ahead depending on the election outcomes.