Late surge in bellwethers – Dangcem (+3.74%) and Nestle (+10.00%) rallied the index impressively higher at +3.88% as all sub-indices closed in the positive territory. Activity level was tepid early in the session as the market appeared in the pre-holiday mood. However, mid-day bargaining hunting across the board which was driven by locals (PFAs) turned market breadth into the green zone which was subsequently followed by aggressive buying into the close.
Market turnover rose to N5.2bn ($14.33m), boosted by local crosses in NEM ($3.8m) whilst Guaranty ($1.35m) involved mixed interests. Ytd loss on the index declined to -16.41%. We expect the market to trade sideways in the next session.
Extension: 3137, 3135, 3125 or 3133