The NSEASI continued on a modestly positive trajectory today, rising by +0.36% to close at 26,872.09. Today’s uptick was driven by gains in consumer names- Flourmill(+9.85%); Dangsugar (+6.94) and UACN (+0.70%); sustained demand for the banks, notably FCMB(+7.39%); FBNH( 2.74%); Stanbic(+2.56%) and Guaranty(+1.55%) and also some recovery in the top two index heavyweights MTNN(+0.80%) and Dangcem(+0.63%). On the flip side however were contractions in Unilever (-5.68%) on offer glut; Zenith(-1.06%)and Access(-0.49%) on profit taking and also WAPCO(-0.69%) on a cross trade. Consequently, the market breadth remained positive with almost two gainers recorded per every one that declined
Market activities were however relatively subdued and turnover closed at N2.3bn ($6.3m), buoyed by mixed interest crosses in FBNH($0.9m) and Guaranty($0.7m). The YTD loss on the NSEASI further narrowed -14.50%. We expect the market to maintain a similar trading pattern subsequently.
