Late buying in the banks moved the NSEASI into the positive territory by +0.57%. Market participants proceeded cautiously early in the session on anxiety surrounding the outcome of the presidential elections. However, renewed optimism post midday driven by offshore interests created mild excitement into the close. NB (+4.00%) led the advancers on its market open block trade, closely followed by banking majors – Zenith (+0.97%), UBA (2.50%) and UBN (+5.07%) although Access (-0.78%) and FBNH (-0.60%) declined.
Turnover rose to N5.5bn ($15.31m) and was dominated by block crosses in NB ($9.7m) involving offshore interests whilst Guaranty ($1.2m) was executed by mixed interests. Ytd gains on the index rose to +4.04%. We expect the market to find stronger support level on optimism surrounding the expected peaceful outcome of Saturday’s presidential elections.