Despite prevalent low market activity levels, the NSEASI closed in positive territory today, rising by 0.61% to 38,808.01 points. This uptick was largely thanks to bargain hunting in select counters led index heavyweights Dangcem(+2.33%) and MTNN (+1.23%), supported by Guinness (+9.26%); UACN (+4.17%), Unilever (+3.19%) and WAPCO (+1.23%). Financial services stocks including UBA(+2.21%); Guaranty(+1.39%); ETI(+1.04%); WAPIC (+4.55%) and Mansard(+3.45%) were also positive, and offset contractions in Zenith(-1.38%); Fidelity(-2.83%); FCMB (-8.90%);and consumers Glaxosmith(-5.88%) and Intbrew(-0.90%). In all market breadth was positive with more than 2 advancers recorded foe everyone that declined.
Market turnover was N2.44bn ($6.4mn) though boosted by block trades in Guaranty and Stanbic involving offshore interests and fragmented trades in FBNH and Fidelity mostly by locals. The NSEASI shed 0.15% w/w, while YTD return remained negative at -3.63%. We expect the market to maintain a similar trading pattern in the coming week.
