The NGXASI (+0.15%) closed higher today due to cherry picking activities in select names. The performance of the index was supported by positive movement in the Consumer goods, banking, and Insurance sector. Specifically, Cadbury (+9.62%),Honyflour (+9.46%), Okomuoil (+4.27%), Dangsugar (+4.17%) and NB (+0.25%) advanced among the consumer goods, while Fcmb (+8.06%), UBN (+3.74%), Fbnh (+1.39%), Stanbic (+0.505) and Zenithank (+0.42%) recorded positive movement in the banking space. On the contrary, Oil & gas major Seplat (-1.43%), as well as PZ (-3.42%), Flourmill (-2.52%), Unilever (-1.89%),ETI (-1.00%), UBA (-0.68%), and Uacn (-0.51%) all declined .
Market turnover was N2.73bln ($6.63mln), boosted by trades in GTCO, Seplat and NB. YTD return on the NGX index moderated to -6.53%. We expect the market to maintain a similar trading pattern in the coming session.
