The equities market index was elevated by +1.38% due to late buying in Dangcem (+2.58%) alongside bargain hunting in the consumers – Nestle (+3.49%) and NB (+2.86%). However, sustained sell-off in Guaranty (-1.39%) triggered cautious buying among the banks – UBA (-2.67%), Zenith (-0.92%), Access (-2.61%) and FBNH (-0.68%) which offset some of the day’s gains though UBN (+9.76%) and ETI (+1.45%) advanced.
Market turnover rose to N3.7bn ($10.3m) boosted by offshore crosses in Guaranty ($1.9m) and Zenith ($1.8m). Ytd loss on the index contracted to -1.35%. We expect the market to trade sideways in the next session.