A bit of respite in the Nigerian equities market as the ASI appreciated by 1.09% to book its first gain this week. Impressive performance among Oil & Gas heavy weights Seplat (+10.00%) and Total (+10.00%) coupled with gains in Nestle (+10.00%) buoyed the broad index to finish stronger. Other gainers for the today include: Access (+6.94%), Fbnh (+1.85) Eterna (+6.67%), UBA (0.83%) and Zenithbank (+0.27). Market breadth closed on a positive note, though Guaranty (-1.06%), FO (-6.78%), Honyflour (-5.94%) and Fidelity (-1.19%) where prominent on the laggards chart.
Market turnover moderated to N2.93bn ($8.07m), boosted by crosses in NB ($1.15mln) and Guaranty ($ 1.07mln) which involved offshore interests. The NSEASI ytd return moderated to -12.25%. We expect the market to trade sideways in the next session.
