The NSEASI rose by +0.76% and was largely driven by gains on block trades in Nestle (+5.31%) and improved buying in Dangcem (+1.08%), though on low volumes. Market sentiments appeared mixed as there was weakness among the banks except in Access (+9.92%) which rallied post its Q1 corporate earnings release. FBNH (+1.34%) advanced on curtailed supply towards the close whilst NB (+1.33%) rose on sustained demand. On the flip side, Guaranty (-2.39%) declined on its Q1 financial performance announced intraday to lead the losers alongside oil & gas major – Seplat (-2.39%).
Market turnover fell to N3.2bn ($8.9m) dominated by crosses in Nestle ($2.9m) involving mixed interests. Ytd loss on the index shrunk to -4.64%. We expect the market to trade sideways next session.
Extension: 3137, 3135, 3125 or 3133
Kind regards,
FBNQuest Securities
