Trading activities on the Nigerian equities market commenced on a brighter note as the ASI rose by +1.74% to close at 37,443.40 points. The index was supported by impressive performance in DangCem (+9.98%) as announcement of the commencement of its share buyback scheme sent the company’s stock on full bid. Other key movers were Bocgas (+10.00%), Oando (+9.87%), Mansard (+9.78%), Flourmill (+2.50%), Wapco (+ 2.27%), UBN (+1.82%) Guinness (+0.55%), and Stanbic (+0.11%). Though most stocks closed flattish, tier 1 banks : Zenithbank (-2.02%), ETI (-1.52%),Fbnh (-1.41%), UBA (-1.20%), Access (-1.17%), Guaranty (- 0.74%) as well as Adrova (-5.24%), Unilever (-2.79%) and Intbrew (-2.71%) all declined.
Market turnover was N3.31bn ($8.65m) dominated by trades in Dangcem, Zenithbank, and Guaranty. The NSEASI ytd return improved to +39.50%. We expect the market to maintain a similar trading pattern in the coming session.