A breather in the Nigerian equities market as gains in heavy weight Dangcem (+3.55%) and Mtnn (+1.20%) supported the ASI to close higher by +41bps in the day. Other key advancers were Guinness (+10.00%), Glaxosmith (+2.42%), Aiico (+0.83%) and Sterlnbank (0.64%). Nevertheless market sentiment remained bearish as the session recorded 20 laggards versus 11 gainers. Sell pressure remained unabated in the banking space; Fidelitybk (-6.69%), ETI (-5.83%), Guaranty (-4.84%), Zenithbank (-4.25%), UBA (-2.78%) and Fbnh (-0.68%) were prominent on the losers table.
Market turnover was N4.21bln ($11.02mln) buoyed by $2.5mln cross trade in Notore as well as trades in Dangcem, Nestle and Guaranty. Year to date performance moderated to -3.85%. Barring any positive stimulus, we expect the market to maintain a similar trading pattern in the coming session.
