The NSEASI rose by +3.68% as the equities market went into an excited mode to post the biggest single gain of the year. Many counters rallied into the close which was initiated and mostly involved the banks. Dangcem (+5.00%) led the gainers of the pack alongside co-bellwethers – MTNN (+1.96%) Zenith (+9.11%), Guaranty (5.43%) and Nestle (+3.57%). Others quickly followed in the same manner as evidenced by the positive move in all sectoral sub-indices which could largely be attributed to market on close orders. PZ (-4.71%) and Flourmill (-2.91%) were among the few losers on the day with highly positive market breath.
Market turnover rose to N7.3bn ($20.1m), dominated by offshore crosses in Guaranty ($4.1m). Ytd loss on the index shrunk to -0.39%. We expect the market to trade sideways in the next session.