The equities market inched higher by +40bps on the back of buying into the close in Dangcem (+1.06%). Pre-midday crosses in select counters among the banks and consumers lifted the mood which subsequently fizzled as the market went still for extended periods. Selling pressure persisted in the banks as Zenith (1-14%), Guaranty (0.61%), Stanbic (-1.05%) and Access (-0.86%) all declined. However, NB (+0.96%) and PZ (7.73%) advanced among the consumers.
Market turnover rose to N3.3bn ($8.9m) dominated by offshore crosses in Guaranty ($2.6m) and NB ($1.0m). Ytd loss on the index contracted to -3.09%. We expect the market to trade sideways in the next session.