The NSEASI remained on a mildly positive trajectory today rising by +0.29% to 39,128.34 points. The banking stocks dominated the gainers list perhaps on lingering optimism following yesterday’s release of UBA’s impressive Q1 earnings report, coupled with some dividend re-investment by offshore interests. Top gainers included Guaranty (+4.17%); Fidelity(+3.67%); UBA (+2.11%) and FBNH(+1.39%) which was marked down for the FY 2020 dividend declaration of 45k per share. Conoil (+9.97%), WAPCO (+6.83%) and PZ (2.02%) also advanced from the non-financials space, though Guinness (-9.89%) and UACN (-0.94%) declined.
Market turnover was at N1.66bln ($4.36mln) though buoyed by fragmented trades in Guaranty, Zenithbank and Access . Year to date performance moderated to -2.84%. We expect the market to maintain a similarly flattish trading pattern in the coming session.
