Collective gains in Seplat (+4.22%), Guaranty (+0.88%) and Stanbic (+1.73%) offset decline in index heavyweight, Dangcem (-0.63%) to lift the NSEASI +7bps higher. Market opened to some excitement on Unilever ($2.5m) crosses which involved offshore counterparts whilst mixed interests subsequently participated in an off-market Jberger ($11.9m) trade. Dangflour (+9.69%) continued its rally run among the consumers as NB (+1.56%) inched higher though Guinness (-10.00%) stumbled upon release of its unimpressive Q3 earnings. Also, Jberger (-10.00%) collapsed post its off-market trade whereas investor sentiments appeared weaker towards Access (-1.43%), though FBNH (+1.28%) and Zenith (+0.47%) rose on sustained buying.
Market turnover rose impressively to N7.26bn ($20.2m) whilst ytd loss on the index stood at -4.81%. we expect the market to continue to find support at current levels.
Extension: 3137, 3135, 3125 or 3133
Kind regards,
FBNQuest Securities
