Trading activities for the new week resumed on a quiet but positive note today (NSEASI +0.89%), as investors continued bargain hunting activities with cautious optimism. Although market breadth was positive with more than three gainers recorded per everyone that declined, most top gainers however rose on light volumes and mild crosses. Non-financial counters Jberger (+10%); UACN (+6.67%); Intbrew(+5.88%) and Buacem (+5.08%) were key movers, supported by the banks led by Stanbic(+10%); ETI(+5.15%); UBA (+1.47%)-which went ex-div for its final FY 2020 DPS of 35k/share; Fidelity (+1.29%) and Access (1.24%). These easily outweighed declines in Champion((-8.20%) and FBNH (-0.29%).
Market turnover closed at N3.05bln ($7.97mln) dominated by trades in Guaranty, Zenith, UBN and Dangcem. Year to date loss on the market index moderated to -3.84%. We expect the market to maintain a similar trading pattern in the coming session.
