The NSEASI (+0.86%) today took a breather from its recent losing streak, thanks to late bargain hunting in select counters. Index heavyweights Dangcem (+1.03%) and NB (+4.03%) were key movers, alongside the banks led by FCMB(+9.85%), which traded on full bid following the release of its impressive 9M results; UBA(+6.38%); FBNH (+4.41%) and Access(+3.33%). Unilever (+1.01%) and Mobil (+9.38%) also enjoyed late gains. Market breadth was thus positive with only Stanbic (-4.00%) and CAP (-9.87%) as notable decliners on the day.
Market turnover was nonetheless flattish at N2.4bn ($6.5m) buoyed mainly by offshore crosses in Guaranty ($1m) and Zenith ($0.9m). The index contracted by -4.90% in November, whilst Ytd return is also negative at -19.27%. We expect the market to predominantly trade sideways when trading resumes in the coming month.
