The NSEASI rose by +36bps due to gains in index heavyweight, Dangcem (+1.05) alongside rally in Access (+6.19%) and bargain hunting among other banks – Guaranty (+1.82%), FBNH (+2.70%), Zenith (+0.68%) and ETI (0.71%) though Stanbic (-1.05%) retreated. Market sentiments improved as bargain-hunting dominated selling early in the day, which subsequently fizzled out. Conversely, a decline in the consumers – NB (-0.12%) and Dangflour (-0.76%) tapered some of the gains.
Market turnover inched up to N3.1bn ($8.6m) boosted by block crosses in Stanbic ($0.7m) involving foreign interests alongside Guaranty ($0.6m). Ytd loss on the index shrunk to -1.40%. We expect the market to trade sideways in the next session.
