Rally in Dangflour (+9.19%), positive movement in Nestle (+0.77%) and Guaranty (+0.88%) pulled the index into the green zone by +11bps, notwithstanding the weakness observed across board intraday. Market activity level was subdued as participants proceeded with great care and caution. Gains in UBA (+3.51%), FBNH (+0.89%) and Stanbic (+0.13%) salvaged some points but not sufficient to offset losses in ETI (-5.33%), Access (-2.29%) and Zenith (-0.27%) among the banks. Oil & gas major, Total (-9.96%) took a nosedive on the back of its lacklustre earnings released alongside its peer, Oando (-1.27%).
Turnover was abysmal at N1.1bn ($3m) buoyed by offshore crosses in Guaranty ($0.4m) and Nestle ($0.3m). Ytd loss on the index contracted to -11.07%. We expect the market to trade sideways in the next session.
